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!

[Jon Holdman]

So, there's an answer to the question someone asked recently about "do you tell people what you do?" Absolutely! You never know what will come of it. Usually, nothing. But every now and then, something good.