I just closed on a short Sale house today. good school district, 2005 built. 5 Bed 3 bath, 2 car garage. No pool. 2418 SF
2005， first buyer pays $375,000. In 2006, second buyer, who is the current seller, pays $318,000. Now it went back on market for short sale for $245,000.
When I saw the house on a Sunday, the whole family was inside the house, a Hmong couple, plus their 7 kids, most of them high school age. They asked for "cheap rent" after closing, so that they can get back on their feet, for "up to 90 days after closing". I offered $500, they said it is too expensive, then we agreed on $400 per month. My agent, who is desperate for business, offer to pay them back $200 per month if the deal goes through.
I had no competition since I was the only one would agree to let them stay there after closing. I offered $237,000 and the bank accepted it. There are investors who offered cash at higher price and did not get the house for that reason.
We signed a rental agreement so that they would move out at the end of 90 days. The agreement specified the rental fee and a 90 day term after closing. My agent would pay them the first $200 for the first month as he promised, but would hold the last two bonus checks until they completely move out without obvious damage.
I am still holding my fingers across.
