We purchased one of my craziest deals yesterday. The seller had won a lottery this year and bought a house cash for $225,000 with his winnings in June 2018.

The seller had run into some other financial troubles and needed to sell the house right away.

We received a call from the seller on Friday, Sept 14th asking us if we wanted to purchase. The house is in great condition. We offered $150,000 and the seller said he would take $160,000 but he would need to lease the house back from us for at least a year and we said we couldn't do that. We can offer him $160,000 cash but we will need possession to he house right away. We made our final offer on Friday, Sept 14th. He called us back on Monday, Sept 17th and said he would accept our offer but asked if we could have a month to move out. We said it's fine but we will put $30,000 in escrow to protect ourselves against any damages. He agreed and we signed the purchase agreement on Tuesday, Sept 18th.

He needed to sell the house right away so we rushed the purchase agreement to our title company and closed it in 4 days yesterday. We are holding $30,000 in escrow against any damages and have a hard 30 days deadline for him.

Our exit strategy would be to put new appliances and clean up and put it right back on the market for $235-$240k.

The seller found out about us through referral from another seller we had marketed to.

You never know where your deal would come from.

Sharad M.

Podcast Guest on Show #155

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Bought a crazy deal from a lottery winner

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