Re: help !! how to finance this deal? - Posted by Arthur
Posted by Arthur on July 13, 2003 at 11:18:29:
Well, you could use the shed, washing machine and dryer, fridge, cooker, curtains (some curtains are very expensive, the ones youleave don’t have to be).
When doing something like that, i don’t know if you would even have to tell the bank. I guess it would depend on how you want it done. What you could do is a contract based on another…i.e. “I agree to pay $19k secured on my house to Mr & Mrs XYZ in installments of abc over x amount of time. This contract comes into force upon the sale of 123 somewhere avenue to Mrs Y from Mr & Mrs XYZ”.
Another option would b e to tell the bank about the fixtues and fittings, and get them to fund it.
I’m just brainstorming here, throwing ideas into here, what i might be saying may not be possible, i dont’ know. When i have done something like this before in the UK, i just had it added to my mortgage, but that was just a few thousand, not 19.
Another idea is to get another appraisal done by someone else. You would probably have to pay for that. If it came up with the same answer, then i guess you would have to accept that your property is not worth as much as you thought it was. If they come in with a higher figure, then maybe you could take that to the bank and get them to accept the higher valuation, after all, the buyer is a real estate agent (perhaps getting her to show her resume to show she knows what she is doing).
As for if they default, i would have thought you could have the property foreclosed on, but to take possession of it, you would have to settle with the first lien holder. But hey, theres 20% deposit down at purchase, theres plenty of equity that she would not want to lose.