Posted by Bill Gatten on March 13, 1999 at 13:11:48:
What about saying something like this to him:
I do understand your concerns, Mr. Gumball (assuming that’s his name): I really do want that property though, and I clearly see your position with regard to it. I know you want to sell and not mess around with financing it for someone. So… since its been sitting there for so long with no income, how would you feel about an arrangement between us where I would just come in and cover all taxes and insurance and make payments to you for, say, six months or a year or so; then, at the end of that time, finance it for enough to pay you the full $68,000 (or whaever your valuation would be)? We wouldn’t even need an option or to put the title in my name until my financing came through. For that period of time, I’ll of course handle all maintenance, repair, upkeep, etc… The only thing I’d ask you to do for me, is just permit me to lease it out, while you hold the title in a trust in your own name (with me as a bene.) until you’re fully paid off…(this gets you what you want–tax w/o, profits, etc.).
Kevin, in this scenario, your refi date could be set for that point in time where the profits or appreciation would have accumulated to the extent that a no-down new loan would be possible.
Should you feel you might need more time, have him agree up front to allow an extension in the event that “acceptable” [re]financing were not to be available at the scheduled termination date.
None of this is really much different than what you’ve already offered, it’s just (I find) a nice psychology for getting what you want, without forcing a concession. He sounds old and cranky to me, and we old gummers don’t like whippersnappers being smarter than we are: but make it seem like it was our idea, and we’re Tofu in your chopsticks (so to speak).
THE LESSON: A young priest asked the old priest if he could smoke during confessions. The old priest was aghast and replied, “Preposterous… absolutely not! dumb idea!” Knowing that the old fellow’s memory was short, he approached him again in a week and this time apologized for having been spending so much time on his smoke breaks, and asked if it might be prudent to take confessions during those unproductive times. “Excellent idea! Great use of your time my boy. You’ll go far!” he said.