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From: Jim Mitchell (no email)
Date: Sat Jan 06 2001 - 13:11:56 EST
Fred -
It is quite common - almost expected in some cases - for the owner to
'carry' a percentage of the sale price until all of the sale arrangements
and kerfluffel have been completed. In your case, I'd structure my purchase
offer to include the fact that you'd prefer to pay up to 80% upon acceptance
(e.g. after survey, sea trials, and final negotiations) with the remaining
20% to be paid on or before some agreed-upon date.
I believe that as long as you're willing to come up with more than 50% of
the asking price, or more cynically - an amount equal to what is currently
owed plus broker's commission fee - then most private owners will jump at
the chance to sell their boat, as long as they believe that there is a
reasonable chance that they'll receive all the money in the end.
We're currently selling our sailboat on a private contract, we collected a
healthy down-payment, and get a decent payment every month which makes
everyone happy. We used a UCC (Uniform Commercial Code) Contract form to
specify the terms and conditions (buyer beware, a UCC contract allows the
owner to reposess after one (1) missed payment ...) and a standard
amortization program to calculate payments and interest.
Cheers
Jim
m/v Nonchalant
---- Original Message -----
From: <>
To: <>
Sent: Saturday, January 06, 2001 8:42 AM
Subject: lv-ab: owner financing?
{snip!}
>
> Has anyone purchased a boat, with approx 80% in cash, and had the owner
hold
> a note or lein for a period of maybe 90 days?
>
> Is it kosher to ask the owner/broker if he'll do this? I guess it all
depends
> on how anxious the owner is to sell. Comments welcomed.
>
> Thanks-
> Fred
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