Just like any endeavor, sometimes the road is going to be bumpy in the Buddy System in real estate. Here are some examples:
1. There's this buyer who's been in the house for two years already. But then he just stopped paying.
2. There are sellers who won't sell the house the way you want them to. After six months, you just heard the news that the house was sold at a very low price. So, it kept you wondering, "Why didn't they consult you back?" or "Why did they sell it to someone for a lesser price?" Emotion is the reason. The sellers were so fed up with their emotions after 6, or maybe even 12 months, that they reached a point where they decided to finally accepted it: They need to move on and lower the price to have it sold quickly.
3. Another situation is when the seller just wants to move on with their lives. They reach a point where they just want to have a peace of mind because it's never about the money. At the end of the day, they want the house sold and they'll do anything to get rid of it so they can continue on with their lives.
4. If your buddy's house isn't selling, they might be calling to tell you:
"My wife and I have talked and we would like to express our sincere gratitude for everything you've done. I know you've been selling our house for $400,000 and we've had lots of people coming here. However, things haven't been working out but we're really thankful for your hard work. We also talked of how we eagerly want to move on with our lives because it's such a hassle on our part and we've come to a decision where we just want to move on. We're really grateful for your work and we do want to have the house sold at $400,000 but we were thinking of $320,000?"
So, these are just some of the bumps you and your buddy will be going through. But still, it's always good to consider a Buddy System.
You must both understand that you are not working for the seller and the seller is not working for you either. Instead, you are buddies. You are a team. You work together to get the house sold. You get the paperwork organized and come up with deals so that you can both benefit from this joint partnership. You get what your buddy wants and at the same time gain the profit.
But in the end, the Buddy System can help both buddies maintain a good relationship towards each other, and achieve a nice deal!
Courtesy of BPT