$1 Option to be sold

My marketing worked and I was contacted by a motivated seller. The lady was divorcing her husband and she wants to sell their house so that she can move on with her life, hopefully with a little money.

I meet the wife at the home. The husband walks in during the conversation.
The husband wants to keep the marriage going.

It is obvious to me that the wife is the driving force in this situation.
The wife is very forthcoming with all the information that I need; the mortgage balance, if there are any other liens, the current condition of the home, the repairs made, her timetable, what she is looking to accomplish, etc.

She just wants some money to start over. This tells me that she is very pliable, as she does not have anything specific in mind to do after the house is sold.

Meanwhile, the husband is walking in and out. He is saying that he does not want to sell and that he wants to stay married. She says “It’s over.” There is some tension but voices were not raised that much. I have been in this kind of situation before so I am not very worried.

During a private moment, in order to draw her out, I say that, “He seems like a nice guy.” The wife says that, “He is, when he’s sober. But he gambles away any money he makes.” “I understand.” I say.

They had done a significant amount of rehabilitation to the house. They had sided it, modernized the kitchen, and installed a big deck. The house had a double lot and is on a good street, the situation isn’t too bad – for being in the ghetto.

She knows that the market is not too good and understands that I must make a profit. I make a determination on how much I can probably sell the property for and I subtract out the mortgage. I calculated that about $14000 would be available for her and the husband to split.

After some remorse saying that she had hoped for more, she shrugged her shoulders and signed Coach Mitch’s famous $1 Option. After some mumbling, the husband also signed.

I expect to make at least the same $14000 when the house sells.