Hick got a call from Realtor on Friday. She had received an offer for the Double Hovel. Here's Hick's tale.
"Realtor said, 'I know you won't accept this offer, but I'm obligated to present it to you. It's a full-price offer. They will pay $15,000 down, for you to finance the property for them. They will pay you $900 a month.' Of course I said no. Realtor agreed. She said she didn't know this other realtor. That his credentials didn't check out, and she would never want to do business with him."
"Yeah. I agree. Why should we finance it for them? It's not like we would need a loan. It's paid for already. But that would let them get off without paying any interest. And for $900 a month? The main house by itself would rent for that. And they'd still be getting the Beauty Shop to rent or let somebody else live in for free. We're not THAT stupid! Besides, it would take about 15 years until the property is paid off. We might not even live another 15 years!"
"I know. Realtor was right. No way we're taking an offer like that. She DID say that things might start to pick up, once winter is over."
"I definitely want to extend her contract for another six months. It's not like it's costing us anything. Just her commission once it sells."
I haven't revealed this offer to The Pony yet. I'm pretty sure he will agree with us. At any rate, Hick and I add up to 2/3 of our business partnership this time. So the majority is making the decision.
I agree with you. I would not want to hold paper for the buyer. My guess is the interested party could not get financing. Steer clear of that.
ReplyDeleteThat's what I thought. They couldn't get financing without a special loan program, due to there being two houses. We will wait for a legitimate offer.
DeleteI think you made the right decision.
ReplyDeleteYes. We are not in the financing business!
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