I took over an existing loan of 1979 US $32,000. Used my entire inheritance from my mothers father - just $8,000 (his fortune was split over somewhat less than an infinite number of descendants - the family was Catholic - and he lived to a ripe old age) to buy out the loan.
The then owners, the Cherrys, immediately filed bankruptcy, which put the property at the mercy of the court for a few months.
During those months the real estate lady, who had been unaware of the property until I picked it out of her book (they didn't have computers in those days), tried to talk me out of it, promising to completely refund my deposit (submitted the moment I saw the property). She had a lot of developers on tap who would have (with a few intermediate changes in title), provided her with far more in commissions and other profits.
"Life is not fair". That saying works both ways, and somehow, through no virtue of my own, I keep landing on the right side of "unfair". Not a whole lot, but enough to get by.
The then owners, the Cherrys, immediately filed bankruptcy, which put the property at the mercy of the court for a few months.
During those months the real estate lady, who had been unaware of the property until I picked it out of her book (they didn't have computers in those days), tried to talk me out of it, promising to completely refund my deposit (submitted the moment I saw the property). She had a lot of developers on tap who would have (with a few intermediate changes in title), provided her with far more in commissions and other profits.
"Life is not fair". That saying works both ways, and somehow, through no virtue of my own, I keep landing on the right side of "unfair". Not a whole lot, but enough to get by.