“Make a Cash Offer!”

“Make a Cash Offer!”

 

 

 

 

 

 

Mr. Petrowsky,

A few years ago you did a mortgage for us for an unusual property, well we have another challenge for you. We want to purchase another ocean front property in NH, near our other beach property. The property we want to purchase is on the market for $950,000 and in our opinion is worth the money. Keep in mind the property we already own up the street has no mortgage as we inherited the property a number of years ago and would estimate the value about 1.4 and 1.5 million. Here is our problem, we are real estate rich and cash poor. The most we could come up with for a down payment is around $100,000. What should we do?

 BJ

 

 

When I told BJ that he should make a cash offer he started to laugh and asked where am I going to get the rest of the money?

 

Some of you may have already figured it out. We are in the process of refinancing their current beach house which will create enough money to pay cash for the purchase.

 

Would you do anything different?

 

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 1 commentJoe Petrowsky • March 23 2020 04:26PM

Comments

Good morning Joe. If they have the income to support the loan and are cash poor, it is the right way to go. Excellent! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 6 months ago

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