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#1 Learning and Burning

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Posted 13 May 2015 - 01:21 AM

I got a seller with a house she needs to get out from under due to circumstances, she can not afford the house. On top of the house she has a motorcycle that she can not afford. Have you ever done a deal where there was other assets included? My thought for the house was a l/o. She mentioned if there was a way to including the motorcycle, but have never done such so i figured you all would let me know. Of course the numbers have to jive but can it be done?

 

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#2 MichaelC

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Posted 13 May 2015 - 06:38 AM

Can it be done?  Of course it can.  It's a matter of agreeing on numbers and terms.  Find the retail and wholesale values of the bike and make your offer. . .assuming this is even something you're interested in.



#3 Learning and Burning

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Posted 13 May 2015 - 10:21 AM

The value is there for both house and bike. How would i write this up, say the lease with option to buy adding the bike with an addendum or? 



#4 MichaelC

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Posted 13 May 2015 - 02:20 PM

Are both items necessarily connected?  Couldn't you purchase the bike independent of the house?



#5 Learning and Burning

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Posted 13 May 2015 - 11:08 PM

Value together would be about the value of the house by itself. Payments i'm working for the house would cover both payments is why i was trying to do together. Not needing the bike but seeings she asked i thought i'd try and see if there was a way to put it in the deal. A loan for the bike i do not want to do but as a package deal i am open to cause the house would pay them both. My goal is to secure the house and if the bike works out then happy happy if not happy happy. So can i do it the way i'm thinking, if so how would i draw it up? 

 

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#6 <Steve>

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Posted 14 May 2015 - 06:45 AM

If the option is exercised and the bike is included as personal property with the house a mortgage lender will most likely not finance the deal.  Maybe best to keep them separate.


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#7 MichaelC

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Posted 14 May 2015 - 07:03 AM

I agree with Steve.  Best to keep them as separate entities.  Do the lease option on the house as usual.  Write up a simple and concise agreement stating the terms for your purchase of the bike.  I see no advantage for tying these two deals together.



#8 Learning and Burning

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Posted 08 June 2015 - 06:59 PM

I get the keep them separate thing for sure. Good advise, this one  didn't pan out anyway. Owner can't see the light and is going to rent out the house.

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