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Updated over 6 years ago on . Most recent reply

User Stats

43
Posts
7
Votes
Mal K.
  • Rental Property Investor
  • Lancaster, NY
7
Votes |
43
Posts

How to structure a seller’s financing deal?

Mal K.
  • Rental Property Investor
  • Lancaster, NY
Posted

I have been workin on seller’s financing deal for close to a month. We finally agreed on the terms, price and the time frame of the loan when a tree branch hit the house.  Damage caused by a huge branch falling on the side of the house was so intense to one of the apartments that tenant was forced to move out. From what I can see the branch damage some of the rafters and second floor’s wall frame. Since the house has a siding it is hard to tell what other damage was done to the house. The incident was reported to the insurance company and current owner wants to repair the house and sell it. I’m still interested in the deal but I want to make sure repairs are being done correctly. I don’t want the owner just cover up the problem and partially cash out insurance money. What can I add into my contact to try to “protect” myself from shoddy work? I was going to add a clause that the house has to pass inspection, but the longer I think about it if there’s is a damage behind the walls my inspector will not be able to tell. Any advice is greatly appreciated!

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