Posted by Poly on January 12, 2004 at 12:58:58:
One of my tennants has an option to buy which he would like to exercise. He cannot finance the purchase price because the appraisal came in under it. He is asking to drop the price by $6000 so he can make the deal work. I would tell him NO, but I’d really like for him to buy the place.
Is there any way to set up a side contract for $6K without going against typical mortgage rules against such???
I’m willing to take some risk that he may not pay in order to go ahead and sell the home for a profit. I’d just like to get the other 6K as agreed if possible.