Posted by Tim Fierro (Tacoma, WA) on July 19, 2002 at 10:56:20:
I don’t really think you need an offer, as the owner has offered them to you. You know he wants to get rid of them, and you know from your analysis that you want them. You need to determine how you want to purchase them.
You don’t go into details, but it sounds like you are just going to assume his loan, but you don’t say if it is a non-qualifying assumable, qualifying assumable, or buying subject-to the loan. Since it is a private party, it might be easy to take over the loan with cooperation from the note holder.
You know you want the property, you know you can take over the loan, so you need a title search to verify that there are no liens or other notes that has not been told to you.
I don’t think you would have any trouble splitting the condos back into separate parcels, but you would need to check to see if they each have their own parcel numbers. If so, then work it out with the note holder to allow the split.
With the above satisfied for you, then write up the contract to suit the deal with the financing you are using and the numbers from your analysis. At this point if you don’t know how to write the contract, you could use an attorney to polish it off for you.