Tuesday, 13 September 2011

My First Sale in Texas

As I said in my prior post I watched My First Sale last night and I enjoyed watching this first show of the new season on HGTV.

In this eposide we had a man who had gone through a divorce trying to sell his home. It seems that it had purchased it for $205,000 some years ago and currently owed $200,000 on the mortgage. He certainly wasn't paying down the mortgage very aggressively was he.

In any event after about 60 days on the market it was able to sell the house for $215,000 but in the mean time the back told him that he now owed $209,000 on the house. So after factoring in all of his moving costs he was going to need to come up with $9,000 to sell his home.

Well the REALTOR in order to make this deal happen and because she felt really bad for her client told him that she was waving her fee and got the buyers agent to reduce the amount that they would be paid as well. This meant that he only needed to bring $1,000 to the closing.

So Good news for him.

Unfortantely, the deal fell apart on home inspection, from what we saw on the show it was a bunch of minor items that any home would have but the buyer decided to walk away.

At the end of the show we have the home owner moving out because the bank foreclosed!

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