I bought a .36 acre lot at a tax for $24,000 with the intention of selling it to the lady that lives next door to the lot after the 6 months rights of redemption passed for $29,000. She was going thru a divorce and didn’t want someone building next door (her realtor approached me because she knew I like to buy tax sale stuff). The 6 months has passed and now she can’t come up with the cash and the divorce still isn’t final. She wants me to owner finance it. The lot is currently worth between $105,000 and $125,000 according to my realtor. I’m struggling because I was doing her a favor but I don’t feel like I should give her $75,000 equity when I took all the risk and now it will take 5 years to get my money back. I’m thinking of telling her that I’ll hold it and she can buy it from me when she can at market price. Thoughts?
Absolutely sell it.
You attempted to help, but circumstances have not evolved as anticipated. This is not your fault, nor is it your problem.
Time to move on.
yup tough one only you can look deep in side and decide what to do.. sounds like a home run though.
What if you sold it and gave her $10k to help her get her life back together? Is she’s the reason you made $75-$100k treat it like a bird dog situation.
@Bill Brandt I like this! You just gave me an idea. Maybe she can get a loan for X amount of $ if I pay the down payment for her. That way everyone wins. Great thinking!
You could tell her the agreement was a cash price and if you owner finance it the price would be more.