The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

REAL ESTATE Amusing story about an owner showing on a condo


Legendary Contributor
Summit Attendee
Speedway Pass
Jul 25, 2007
Scottsdale, AZ
Today my friend and I went to look at a [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]condo [/FONT][/FONT]that is listed as a short sale. The listing agent for the seller was at a closing so he could not meet us at the condo. Instead, the owner occupant was home and he showed us the condo.

Having an owner occupant / non-investor show us a property made me realize how a homeowner’s view of their property is so different than an investor’s.

This [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]homeowner[/FONT][/FONT] gave us the showing from hell. Ok, it wasn’t that bad… but remember that this is a small 750sf condo and it’s a short sale. We basically wanted to see if it was trashed or not. It was apparent though that he was going to show us everything… and I mean everything in the condo.

Here are just some of the things he said to us…
  • “It’s got a gas fireplace (proceeds to turn it on) and you can open up the glass here, the flame is close to the edge so you can roast marshmallows.â€
  • “It’s got a moen faucet (points to the $15 cheapo faucet) and wood cabinets, not sure what type of wood it is, but they look nice.â€
  • “It’s the only [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]1 bedroom[/FONT][/FONT] with a pool view. You can’t see it now because those trees are in the way but in the winter when the leaves are gone you can see 1/3 of the pool.†Pool is literally 300ft away from the window also.
  • “The master bedroom has got a ceiling fan, light switch for a lamp and blinds.â€
  • “In this closet is a water heater. I’m not sure what the size is but judging from it’s height I’d say it’s a 50 gallon. I’ve never run out of hot water taking a shower.â€
  • “The washer and dryer is in this closet and it’s a large closet, you’ve got room for an ironing board.â€
And then he started to go on about the amenities…

“There’s a pool, community center… have you seen the pool?â€
“We’ve got 2 pools here. What about the west pool? Have you seen thst pool?â€
“You want to go see the west pool?â€
“No.†as we ran away as quickly as possible.

Don't like ads? Remove them while supporting the forum. Subscribe.

MJ DeMarco

Staff member
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 23, 2007
Fountain Hills, AZ
When u say a "short sale" what do you mean by that? I'm not a RE investor. I know how to short stocks, but not a condo.


Fastane Legend. RIP.
Aug 2, 2007
Palm Beach, FL
When u say a "short sale" what do you mean by that? I'm not a RE investor. I know how to short stocks, but not a condo.

For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale, it means the lender is accepting less than the total amount due.


Gold Contributor
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 27, 2007
Washington DC
short sale

Let's suppose I own the bank 100K but the market conditions mean that a buyer will only pay 15K for the place. The owner is facing foreclosure and agrees to sell for less IF the bank accepts to take less money that is owed.

For the bank the benefit is to avoid the cost of the foreclosure and recoup part of the money faster than taking the case to court, pay lawyers, not receive payments meanwhile and then try to sell as REO (bank-owned) for whatever the market will pay for it.

For the owner-seller the benefit is to avoid foreclosure. The negative side is that the bank is forgiving a debt so they will have to pay taxes for that money (as it were income)

I hope this helps to explain what a short sale is.

Sponsored Offers

  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Finally took the plunge. I hate, hate, HATE spending money, but if FSL delivers on even half of...
  • Sticky
MARKETPLACE Entrepreneur's Toolbox: Company Formation, Virtual Mailbox, Registered Agent, Remote Online Notary
This is a pretty cool service. We've had trouble finding good virtual mailboxes, so that is what...
MARKETPLACE 7 Days To Freedom: From Wantrepreneur/Wage Slave To Freelancer
I attended the live session, really loved it! It gives some useful and practical tips on how to...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Three things: 1. Discord Chat is open. Click here for free access. 2. New YouTube Channel...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Any chance to make it available outside of US? It has been available outside of the US on...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
If there’s one thread I see repeated over and over again on the forum, it goes like this: “I...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Thanks for clearing that up. What do you recommend for those who are still in the process of...

Forum Sponsor

Over 100 Fastlane Students
More Details...

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom