Re: Advice needed, please help me, no experience. - Posted by Bill Gatten
Posted by Bill Gatten on November 16, 1998 at 21:43:53:
I don’t answer these posts until I’ve reviewed what others are saying, and feel that I can offer something different (and hopefully of value), so take the following with a grain of salt. The other answers you got are excellent, but it appears to me that you may have already done your homework and know what you want.
If you’ve determined for sure that you want the house (the way you handle the remodeling is another issue), I would suggest going to the seller and letting him know that you’re ready to open a silent Escrow now, which will be set to close only after he’s gotten his insurance payout. Then give him the $1,000 good faith deposit you mentioned, and place the other $29,000 into the Escrow (so he knows you mean business… and so that he’s locked in). I might personally take the guy and his wife to dinner to discuss the plans, and at that time, offer to pay their moving expenses (if that’s an issue at all). I can pretty much guarantee you that your competition isn’t thinking too much about the seller’s welfare after the fire: they’re likely thinking more about you edging them out.
My experience with older folks (a proud group into which I’m rapidly moving, myself)is that they want to be assured that you care as much about their plight and welfare, as you do your own, and that you’re plans involve helping them as well as yourself.
The best of luck.