Posted by Bill Gatten on February 04, 2001 at 15:37:57:
Run comps
Make an offer at the comp value, less any work to be done and all costs to transfer and close.
Write it up, attach the comps (with your recent comparable sales circled in red), and take it to him.
If he balks, let him know that you might offer more if he’d consider your terms: e.g., 'carry the entire loan and equity for me until I sell or refi 2 months to 2 years later and pay off your loan and give your equity.
Here’s the rule:
No problemo! My way…cash; your way…terms.
(Pardon the ol’ Spanish palaver there: No problemo =
"I want to be fair here: We can either do it MY way, or we can do it MY OTHER way)
Bill Gatten