Next message: Jim Mitchell: "Re: lv-ab: owner financing?"
> Yes, this does happen frequently. My brother just bought a really nice
> sailboat and he had about 3/4 the cash for it. He had the rest in stocks
> but told the owner that he'd rather not cash the stocks in as the market
was
I did this in reverse, we drew up a simple contract that stated I was paying
a down payment of $2000.00, If I didn't buy the boat outright in 6 months I
would pay another down payment of the same amount, in 3 more months I would
pay a $4000.00 and then I had 6 months until the final payment.
This was because we were in the process of remodelling our house, selling
off our
non essential stuff and getting ready to cruise, the final payment was made
with the funds from the sale of the house, If for some reason I couldn't
make the final payment, the seller would have $8000.00 and sell the boat to
the next guy!
It did take the entire year and three months to get everything sold and move
up to Washington to get the boat.
Mark Mech
www.aerofoam.com
___________________________________________________________________________
|| The Live-Aboard List : send a "subscribe" or "unsubscribe" request ||
|| in body of message to: ||
