street
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I have this and his wife for about 25 years or so. He and his wife have disabilities and are reaching mid 60's. They have been rent this old 600 sf home and the owner want to sell it and the lot next door as a one deal sale. There are two separate lots with a house on each one. The house he in is rough shape and the other one about the same size is unlivable.
They are both in the county with the city boundary bouldering the frontage of both lots. Property has been up for sale four about and the dilemma for this couple someone will buy it and demolish both places and build. This guy would not have any place to go very they are very poor and have worked as hard as they could through the years what their health and disabilities would allow them.
I was talking to him a few days ago and he said the owner would cut him a deal to buy it under what he wants for it. He went to bank to see what they could do for him. They told him he would need 20K down before they could give him a loan. The owner will take 80K for the two lots and buildings for him only.
The problem is he doesn't have the 20K for the down payment. His payments he said with 20K down would between 300 & 400 a month then.
So, today I called and talked to him and said my wife and I would be willing to give you the down payment or some amount you would need to get the loan. He said that the other lot I could have in my name for the help in helping to secure the loan and helping him. He doesn't really want that lot and doesn't need it.
I do believe I could sell that lot for what I would have in it, and I still would be helping these people. It is basically in town would be a great place for a shop, home, business with great traffic and hwy frontage.
So, what are your opinions, views and take on this proposal for this couple. Is it a fair shake and do you see any issues etc.
They are both in the county with the city boundary bouldering the frontage of both lots. Property has been up for sale four about and the dilemma for this couple someone will buy it and demolish both places and build. This guy would not have any place to go very they are very poor and have worked as hard as they could through the years what their health and disabilities would allow them.
I was talking to him a few days ago and he said the owner would cut him a deal to buy it under what he wants for it. He went to bank to see what they could do for him. They told him he would need 20K down before they could give him a loan. The owner will take 80K for the two lots and buildings for him only.
The problem is he doesn't have the 20K for the down payment. His payments he said with 20K down would between 300 & 400 a month then.
So, today I called and talked to him and said my wife and I would be willing to give you the down payment or some amount you would need to get the loan. He said that the other lot I could have in my name for the help in helping to secure the loan and helping him. He doesn't really want that lot and doesn't need it.
I do believe I could sell that lot for what I would have in it, and I still would be helping these people. It is basically in town would be a great place for a shop, home, business with great traffic and hwy frontage.
So, what are your opinions, views and take on this proposal for this couple. Is it a fair shake and do you see any issues etc.