negotiating question
Ill make this quick and bullet pointed. I purchased a side of a duplexin 09 that was a great investment property except for one little problem. The previous owners hid extensive foundation instability, (patched up drywal cracks, put in new tile ect) which i found but had no recourse because the guy who sold it to me was in prison for tax evasion. The plumbing on both sides and foundation on each side need fixing. here are the facts
-I purchased one side of duplex
-elderly couple purchased other half
-i paid 10k for foundation repairs
-they could'nt afford to pay for repairs
-I redid entire house inside cosmetics to update and renovate.
-my side worth 92, theirs worth 102 (if they had no foundation, sewer or cosmetic problems.
-both sides need roof.
-his property value with subtractions for repair 102-13(foundation)-10(sewer)-10 cosmetic updates -5(roof)-64k
-he owes 92k
I approached him with an offer of 92k. I said that the VBA in texas would allow me to purchase your side of the house in order to allow me to take out a secondary loan to fix both sides of the house. This would give me the ability to solidify the foundation permanently for the entire property. My offer was precisely what he owed on the house 92k but he rejected it! he said he wanted to get 10k out of the house so he could purchase another place. What now? is there any way you would present this to the neighbor?