Lesson on having your ducks in a row

[Jim M.]

So yesterday my agent received a phone call from a seller about selling his family home. It's in a very nice neighborhood here in Charlotte where houses sell at about $200 a square foot give or take. I have a rehab one street over and I love this neighborhood.

Anyways, he called to ask if I'd be interested in buying and that he had an offer on the table that he was going to sign Friday and if we wanted it to beat the other offer. He went on and on to my agent about how he's not a bs'er and doesn't want to mess around just wants a quick close and cash quick. I made a verbal offer of the number I wanted the house which happened to be a bit lower than the number he claimed was on the table. Mine was clean, no contingencies, close in two weeks.

He said he was going with the other offer and I was alright cause I have 4 other rehabs going on...pretty substantial ones as well and this house would be a big one as well as I'd have to add on about 1000 sq feet.

I get a call today that the other offer was based on the buyer getting a construction loan and they didn't tell the seller. I explained to my agent I was not giving him the other offer's number and to stick with my offer and its cash and close in a week or two. He accepted. Now another investor lost out on a house cause they messed around with this guy. I had my ducks in a row and have another great project that will be starting in a couple weeks that I didn't even have to do legwork and chase sellers.