How Real Estate Deals Get Put Together #1

Well, not all of them of course. I'm just mentioning this one because it's interesting and a little different.

My listing on 25th Avenue (a short sale) generated quite an interest. With about five offers on the table, I was required to submit the best offer to the lender. And so I did.

This lender is in no hurry to approve the sale. And all timelines start with the lender's approval only.

The potential buyer has already given her 30 day notice and needs a place to stay.

So the buyer's agent asks me if we can let the buyer live in the home and pay the sellers rent. Of course, I had to check with the lender and sure enough the lender wants the rent at close since this is a short sale.

So we agree on a fair amount. No, we are not in escrow yet. And my clients never thought they would ever be landlords, but it was one way to secure the buyer.

I'm keeping my fingers crossed.