Great Potential Deal Up In Smoke... Literally

Last week I got a submission to my website for a lead that sounded great. After talking on the phone with the seller a couple times and driving by the house to check it out, I was sold on the deal. It was the best deal I've come across in many many months, possibly ever. I would buy this lovely tri-level 4 bedroom home on a cul-de-sac in a wonderful family neighborhood for a bargin price, and the seller was perfectly happy to sell it to me Subject-To, meaning I basically would just take over his low mortgage payments, with no cash to his pocket. From what I could tell from my snooping, the house only needed some paint, carpet, and maybe some minor updates. For the $55k in instant equity I'd be picking up and $400 a month cash flow I'd have by renting it, those minor repairs were well worth the cost!

The family was going out of town last week on a little vacation and we agreed for me to meet him at the home this week to take a look inside and sign all the paperwork. We'd pretty much came to an agreement over the phone already. They came back Monday night and I called the owner today to confirm our appointment. He said they'd had a lovely vacation, but yesterday afternoon his wife called him at work to tell him the house was on fire. No joke. More than half the house burned completely down.

Of course, after my initial shock and finding out that his wife and their 3 children are just fine, my first thought was "NOOOOOOOOOOO!" My awesome deal had just went up in smoke, too literally. Funny how selfish human beings can be. I surpressed that selfish reaction and talked to him at length about his family and what they were going to do. I told him about some rentals I knew of in the area (none were mine) and offered him some of my kid's outgrown toys and clothes if they needed it.

As I look out my window now at the foot of snow on the ground, I can't help but imagine what it must have been like for that family, standing outside in the snow watching their house burn down. Sure, they were going to sell it and were having some problems of their own, but no one could have anticipated they would loose all their personal items and a place to live before then. I again recall how thankful I am for what my family and I have.

Now I try to force down my dissapointment for loosing a great house and remember that it could have been worse. I could have bought the house and then had it burn down, possibly even with tenants inside. Or, it could have even happened here, to my family. Unthinkable, but certainly not impossible.

I just hope it doesn't take a couple years for a great deal like that one to come along again. The thought of it whetted my appetite, and suddenly I'm feeling hungry to buy. Ah, but at least I've learned that the good deals are worth waiting for. And this scenario isn't very likely to happen again... right?