What have you done for your client lately? In Oct 2006 I closed on a listing I had, I also had the buyer. My seller was about 65 retired Army Vietnam Vet. He was an alcholic and chain smoker. He owned the home free of any mortgage. The reason we were having to sell it was he was getting ready to lose the property to unpaid back property taxes. The place was a mess and for most of the time I had it listed the water and power was shut off for none payment. He lived on $600 a month social security, which he spent mostly on beer and smokes. Twice I paid to have at least the water turned on but for the $30/month it would cost to keep it on he just couldn't pay the bill. Possession was 3 days after closing, he had nowhere to go, I borrowed a moving van and with the help of the buyers a developer friend and a retired couple who are friends of mine and are multi millionaires. We packed up and loaded all the sellers belongings in the van and took it to a storage unit. While we were loading the van, the seller is drunk and fast a sleep on the kitchen floor. At the end of the day we took him to a motel, he received over 100k in cash from the closing. Two months later he was still at the motel I stopped and visited with him and he couldn't have been happier. The things we do www.MontroseHomeConnection.com
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That is beyond the call of duty...Thanks for helping a fellow veteran. Hope he didn't waist the $100K...He could have put it into an annuity and got back a 6% guaranteed return...that would be an extra $6000 per year....almost doubleing his income...not usre wat rent is in your area...but he could get a very nice studio here for about $450
Hi Alan, What a sad story. I agree with what Chuck said about getting some guaranteed return.
Sounds like the best possible outcome for your seller. It is sad to see people get themselves into these situations.