kordsprops's blog

I have found a property that was previously valued over $1M. It is dated, but in good condition. It is in a great location and includes acreage. We submitted a proposal for the owner to owner-finance 91.5% of the loan. The owner is requiring that we pay the 8.5% as a down payment.

According to the realtor, the owner will accept our purchase price offer of $575K, which is $50K off his asking price and will finance the 91.5% balance. We have a proposed closing date of Oct. 15th, but I don't have the $48K+ for the down payment. I know this a great deal and I really want to proceed with this purchase so that I can provide a safe home for my family.

I am currently locked into a 1 year lease with a purchase option. My neighbor is willing to pay me $25K above the agreed upon purchase price i have with the owner. can I assign the purchase right or do I need to deal with the owner then sell to the neighbor? All ideas/suggestions are greatly appreciated,

Thanks,
Greg