Through my buyer’s agent, I made an offer for the park needing water line replacement:
One-year lease with option to buy for $550K provided owner replaces water lines during lease period. This way I would not own the park until the problem is fixed. My mgt. LLC would lease the park for that year and oversee the installation of the water lines.
Owner complained that I might walk once they get the lines in and they will have to find a new buyer. They would really like to sell it outright, as is, yesterday.
The water line replacement will be $200-250K.
I thought of putting up money in an escrow account but there are 2 problems. 1) It still doesn’t mean I’d release the funds to them. 2) I could stand a year to come up with $550K.
The park would be worth closer to $900K with the water issue fixed.
This may be a tall request but those of you with your thinking caps on may be able to see something. Any ideas on a structure that would shield my ownership of the park until repaired, buy time for money hunting and lower their risk of my walking?