What Does a Golf Course and a Family Selling Their House Have In Common? Part One
Founder/Managing Partner Lamar Hunt Jr. is always hearing crazy stories involving property and real estate agents. Here’s a good one. A small 9-hole par three course, with putting green, driving range and snack bar was approached by a homebuilder. The homebuilder wanted to buy the property so they cut a deal. The homebuilder paid a $300,000 option fee and agreed to close in one year. As the one year date approached, the seller was allowed to strip the course and sell everything he could. The homebuilder just wanted the land. With 30 days to go before closing, the seller stripped it bare. Grass was sold, trees uprooted, light poles and wire stripped, and the place became a desert. On the day of closing, the homebuilder said they changed their mind. In this economy, we are not building many homes. But you can keep the $300,000 as a parting gift. So the seller got $300,000 plus the money for selling everything else yet the income from the golf course was now zero. And it would cost $1 million to put it all back. Ooops! What happens now? For the rest of the story, see our blog at http://lorettoproperties.com/. You can also call us at 913-236-2902 if you have a property to sell.