The new deal
The SFgate reports on a transaction that was mighty strange and raised suspicions, but ultimately highlights a new class of home buyers. This article hit home with me on a number of fronts, particularly with some of the construction financing deals that I have seen lately.
Weirdness abounds in real estate, but sometimes a transaction is so peculiar that even after the deal goes through it continues to haunt you. Such was the case for Jessica Newman (not her real name) after she and her husband sold their three-bedroom, two-bathroom house on Redwood Drive in Concord.
It all began when the couple accepted a backup offer that made them uneasy, though it was well over the asking price of $530,000. The buyer planned on getting a zero-percent-down loan and was paying several points for the privilege. In exchange for the higher offer price, the sellers would pay $8,000 of the closing costs. These details suggested that the buyers weren't exactly rolling in dough.
A Strange Tale With A Twist Sometimes a risky transaction is not what it seems [SF Gate]