I located a park with original owner in his 80’s. He wants to keep his house and shop on premises and is concerned about his heirs. The conversation was brief and we agreed that I would call him in a few weeks.
I want to have solutions to his concerns when I call back and wanted to run my thoughts by the group here.
As far as him keeping his house and shop which are part of the park. I thought that we could structure the deal with a predetermined sale price of the house/shop separately at a later date from the park contingent upon his decision to move or passing? Is that the right way to approach that? Whats the proper terminology? Any other details?
As far as taking care of his heirs, I was planning to suggest seller financing that we structure in a way that it would transition on his passing to his heirs. If I am on the right track here, how do I go about setting these documents up ahead of time in order to expedite tying up the deal? He said that he has several people already contacting him and I could tell he knows he needs to sell.
Does anyone have better suggestions here? I know that talking about future death is a touchy subject but I took what he said on the phone to mean that it was his concern and need to address that to have a chance at closing this deal.