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Updated over 3 years ago on . Most recent reply

User Stats

146
Posts
61
Votes
Padric Lynch
  • Rental Property Investor
  • Craven County, NC
61
Votes |
146
Posts

A seller financed my deal, now they are sick and want equity

Padric Lynch
  • Rental Property Investor
  • Craven County, NC
Posted

What's the right thing to do in this situation? A seller carried the note when I purchased her property last year. She called a couple months ago to tell me that she has cancer and that her life has changed so she wants out of the seller finance agreement. It would be a financial burden for me to pay off the note with my own funds. I do feel for her, and she has been great throughout the years I've known her, so I do want to try and come to a win-win decision. I was thinking that I could possibly make a large payment towards the note in exchange for reducing the principal balance. Ex: I pay 40k, but we agree that it reduces the principal balance by 60k. Any ideas that might be beneficial for both parties?

Most Popular Reply

User Stats

2,465
Posts
3,863
Votes
Patricia Steiner
  • Real Estate Broker
  • Hyde Park Tampa, FL
3,863
Votes |
2,465
Posts
Patricia Steiner
  • Real Estate Broker
  • Hyde Park Tampa, FL
Replied

I agree with everyone who has posted before me...and they all say this:  she was there with the seller financing when you needed it; it's your turn.  Go get your own financing; find her a source that will buy her note.  Your turn to be the hero here...

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