John and Laura Holbrook sold this home, as a lease option. Price $219,000. It is located in Sweet Home, Oregon. It's a 4 bedroom, 2 bath ranch style home, large 2 car garage, barn, fenced 1.5 acres. John and Laura just got a call this week with the good news that the buyers are getting ready to close.
The buyers put $40,000 down, and were given a lease option. One of the many things John and Laura learned was that unless it is stipulated beforehand, the realtor gets the commission on the full selling price and not just the down payment. This is an expensive lesson, because most of the $40,000 down went to realtor fees and closing costs. But now that the buyers are excercising the lease option to buy, the Holbrooks will be getting the rest of the profit. Next time the Holbrooks will be sure that the commission is based only on the down payment because sometimes that is all that the seller will receive. In this case, the buyer is able to get financing, so the full profit will be realized.
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