- Joined
- Nov 5, 2007
- Messages
- 95
I would really appreciate some guidance on this.
A guy contacted my online add and states that the ARV on his house is $500,000 to 525,000, it is dated but in good condition. Current market value is $450,000. He is two months behind on payments and his business has had to be closed. He is near bankrupcy.
He purchased the house for $375,000 three years ago and will sell on a quick sale to me for $340,000. They want to sell and move within the next few weeks.
Payments at $1786 monthly.
He stated "We can not do creative purchasing/selling we need this house bought out by cash right away. We have circumstances that has us using this method instead of putting it up on the market and selling it for its value. I have a machine shop in Calgary that I have had to close and I am personal guarntee on the equipment and I may not be able to sell the shop due to how bad the machining business is across Canada, so I need to sell our house before I am forced into bankruptcy. We can explain more if you decide to call us"
I would like to offer to get his payments current and then make them until I can sell. I would either try to sell at market value or find a lease option tenant.
My questions are:
1) Does my line of reasoning seem reasonable? I don`t know where I would find the money to get it current or make the payments but I can figure that out.
2) Would I use the Agreement for sale clause in the Contract for Purchase a la Barry`s contribution on the downloads page?
Thanks for your input
Torie
A guy contacted my online add and states that the ARV on his house is $500,000 to 525,000, it is dated but in good condition. Current market value is $450,000. He is two months behind on payments and his business has had to be closed. He is near bankrupcy.
He purchased the house for $375,000 three years ago and will sell on a quick sale to me for $340,000. They want to sell and move within the next few weeks.
Payments at $1786 monthly.
He stated "We can not do creative purchasing/selling we need this house bought out by cash right away. We have circumstances that has us using this method instead of putting it up on the market and selling it for its value. I have a machine shop in Calgary that I have had to close and I am personal guarntee on the equipment and I may not be able to sell the shop due to how bad the machining business is across Canada, so I need to sell our house before I am forced into bankruptcy. We can explain more if you decide to call us"
I would like to offer to get his payments current and then make them until I can sell. I would either try to sell at market value or find a lease option tenant.
My questions are:
1) Does my line of reasoning seem reasonable? I don`t know where I would find the money to get it current or make the payments but I can figure that out.
2) Would I use the Agreement for sale clause in the Contract for Purchase a la Barry`s contribution on the downloads page?
Thanks for your input
Torie