Took an Option out of a resturant!

[Bill Gulley]

Well, I went to a resturant to get some lunch earlier. It was to go order so I sat at the bar while they got if ready. Struck up a conversation with a guy who walked in and we got to real estate. Well, he just got a divorce and wanted to sell his house, 3600sq ft 5bdr, 2 1/2 bath, on 5 acres 12 miles out of town up a US highway and two miles down a county road. He wanted 145K initially saying it was remodeled 4 years ago. I asked what kind of counter tops it had and he said granite. After talking for about thirty minutes, I took an option at 128K for 60 days. Borrowed a legal pad (I was in the wrong car) and a pen and wrote the option right there and two employees signed it for me right there. He says the wife already signed it over. 128K is roughly the payoff.

I don't need 60 days, but he mentioned how long it takes to get a loan since he refied the house a year ago last January. His loan included closing costs and he paid off some other bills, which means it was a cash out refi at 75% LTV!

Sight unseen, and he didn't need any real money today, so it was 100 bucks, other good and valuable consideration.

I know the area and there are some nice homes out there and 5 acres is hard to find close to town. I have a feeling I did good! It's just an option and I will go look Thursday when he is off work. Oh, it has a 18X36 shop with electric and slab floor.

Had I been in the other car, I would have had a contract!
Doesn't happen often, but if you don't talk about real estate, it will never happen!