Originally posted by absinvestor
McFez- I would agree that "consideration of the other party" isn't seen a lot these days but it still happens (probably more than we realize.) In 2001
I was a realtor and represented a young couple in their first home purchase. About 3 years later the couple called me and said they were going thru a
divorce and needed to sell the property. Unfortunately, they had taken out a line of credit (2nd mortgage) on the home to go on vacation etc. The
combined loan balances were about equal to the value of the home. I told them that I would sell the home for free. (They had stopped making payments
on both mortgages.) We got lucky and found a cash buyer. The buyer would do a quick closing but wouldn't pay full price. In order for the deal to
work the sellers would have to bring about $2700 to closing. As a divorcing young couple they were living paycheck to paycheck and didn't have any
savings. I didn't want to see this young couple further damage their credit and have the home go to foreclosure so I agreed to give them the $2700
that they needed to close. I made it clear that the money was not a loan. We successfully closed the sale and as we walked out of the closing room the
sellers tearfully thanked me for the gift etc. About a week after closing I received a call from the groom's dad. He said his son had explained what I
had done and the dad wanted to make it right. He said he didn't have the cash but could pay me $50 or $75 a month until the loan had been repaid. I
thanked the dad for the call but explained the money I had paid at closing was a gift and not a loan. The father's voice cracked and he said "God
bless you" and the phone went dead. Fast forward to June 2006 and a deposit of $15000 appeared in my business checking account. I called the bank to
inquire about the error and was told the deposit was made with a generic deposit slip, in cash, with a handwritten note that said "Thank you, Ron." I
believed that the money had been credited to my account in error and told the bank manager to call me when the rightful owner called about his missing
deposit. 10 days after the deposit I received an envelope postmarked in Argentina. Inside was a letter from the father. He said he had deposited
$15000 into my account. He said the deposit was to cover a waived commission on the sale of a house and a favor I had done for his son. He underllined
the sentence that said the $15000 was a gift and could not be repaid!! Other than the postmark, there was no return address or any other information.
If the father is a member of BajaNomad let me say thanks!! |
www.justanswer.com was one "Jim Connolly"
