Lateral thinking
- Thread starter yo yo ma
- Start date
Because lending conditions have tightened up here so much, we have tried a slightly different approach. Not sure if it will work.
We looked at a private deal, and told them we were interested..we were.
Went to MB and he explained about the tightening conditions and the fact this particular property is zoned commercial will make it even more difficult.This street was all zoned commercial, even though half is residential.We own one house on that street now.
Told the vendor we would not be putting an offer in now...He was disappointed.
We answered we would still buy if they (he and his 2 partners) sold it to us on a Vendor Finance at 7 % (lender would be 4.39) and we would refinance asap.
He said he would talk it over with his partners !!!
Keeping fingers crossed, but really hilding out too much hope.
That is our lateral thinking for the week.
We looked at a private deal, and told them we were interested..we were.
Went to MB and he explained about the tightening conditions and the fact this particular property is zoned commercial will make it even more difficult.This street was all zoned commercial, even though half is residential.We own one house on that street now.
Told the vendor we would not be putting an offer in now...He was disappointed.
We answered we would still buy if they (he and his 2 partners) sold it to us on a Vendor Finance at 7 % (lender would be 4.39) and we would refinance asap.
He said he would talk it over with his partners !!!
Keeping fingers crossed, but really hilding out too much hope.
That is our lateral thinking for the week.
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