Lord of the Castle

The homeowner never called me back. It looks like the deal to buy their house in Blue Springs is dead.

That fact coupled with my two children’s involvement in school have pretty much changed my plans. It looks like we will renew our lease on the apartment for another six months.

The good thing is that I tried. I took some chances, applied some things that I have learned and I am that much closer to purchasing our first house using non-traditional methods.

Folks, this story is not finished. We will pick it back up some time in the future.

I called the homeowner to let him know that his realtor called me. I told him that she lied to me several times.

He apologized for involving her. I completely understand. Dealing directly with a buyer involves a great deal of risk and responsibility.

However, I explained to him that I didn’t want to involve her because we are not willing to pay the listed price. Her $10-12K commission makes the house too expensive. Without it, the house is a good deal; not a great deal but a good one.

If I offered him what I think the property is worth, then he would reject it because he would receive too little for his house after he subtracted her fees. I know that I would if I were him.

I reassured him again that I am not trying to fast talk him.

He said that he is going to call her tomorrow and then get back to me.

Well, the homeowner didn’t call me back. His real estate agent did.

“Oh hi. I understand that you are interested in a lease purchase of the property?”

Not with you…”Umm, yes…”

“And what were you thinking for as a rental price?”

“I don’t know. I don’t know what their payments are, etc.”

“Well, you know that a house like that rents for $1900/month.”

I had gone online and printed out their actual trust deed. I figured that they are paying about $1300/month for everything. “Well, that is much more than I was thinking.”

“Well, what were you thinking?”

“I don’t know. I have no idea how much will it cost them to rent an apartment.”

“Well, a two bedroom in Blue Springs goes for $1,400/month”

Now, I REALLY dislike being lied to AND I don’t tend to enjoy people who take me for a fool…

“Is that a fact? That is amazing because I currently rent a 3BR apartment in Leawood (the highest rent district in the area) and I only pay $1100! Are you telling me that Blue Springs is more expensive than Leawood?”

“Well, I don’t really know the rental market that well. I just sell houses.”

“I can go on Craig’s List and find a 3BR-2BA duplex for $750!”

“I will have to check that site out.”

SHE IS CURRENTLY ADVERTISING her properties on it!!!

Let’s just say that I was not happy to hear from her.

The homeowner called me back. He has found another hurdle.

If they rent the house to us for six months (as I had proposed), they will not be able to put a deposit down on their new house until June or July. The builder would then take 4-6 months to complete the house. That means that they would be renting for a full year.

When I inquired how much they would need for a deposit, he said $20,000. I told him that we would be able to give that to him by the end of March. We would also have the proof of income necessary to begin the loan application process. That would mean that he would be in his new house as early as July and as late as September.

He is going to call me tomorrow after his wife’s appointment with the doctor concludes.