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Another cold call to a FSBO ad secured this deal for me. This was a homeowner who had accepted a job transfer and had been unable to sell, and did not want to rent. She had a thirty day time frame before the moving truck showed up. This property was located in one of the most prestigious subdivisions in Albuquerque, and I knew with the right terms and marketing it would move quickly.
The homeowner agreed to twenty four months at $2,200 per month, and a price of $315,000. The question of option money never came up.
I immediately changed hats and went to work marketing for a tenant/buyer. The ad went out on a Sunday morning. The first person who saw it, (at 11:00AM), said, “I like it. I’ll take it.”
Turns out he was the owner of a large mortgage brokerage company in town and wanted to hide ownership of the property due to a pending divorce. He put down $7,000 option consideration, and paid $2,400 monthly for twelve months. I gave him a twenty five percent rent credit, and locked in a price of $349,000.
He did, in fact, buy the property at the end of the lease. At the close I received a check for approximately $18,000.
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