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Re: Purchase to buy contract for burnt property - Landlord Forum thread 358272

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Re: Purchase to buy contract for burnt property by Garry on July 26, 2018 @20:37

Right now, you have NOTHING! ZERO! ZIP! NADA! except your burned-out house. You don't even have 1% down ($240), and probably nothing in writing. NO bank or credit union is going to loan someone money to purchase a burned-out house, especially when they know it's going to need an additional $30,000 to fix it up. Your place will either go to an investor who already has the cash-in-hand to give you full price, or someone who will want to put 10% down on a contract, using YOU as the bank.

Since it has set for 8 months with no other offers, you either need to discount your price farther, offer different terms, or begin to fix it up yourself. Was the place insured, and did you get some insurance money from the fire?
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Re: Purchase to buy contract for burnt property by on July 28, 2018 @17:48 [ Reply ]
Thank you for your reply Garry. The home is paid in full and received several thousands back, There's a investor looking to with the contingent to a loan with a scheduled closing date on August 10th. We are hoping it going to fall through and get this monkey of our backS.

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