To: Steven Fitt,
Subject: Re: Building Purchase
Date: Fri Sep 16 04:48:58 MDT 2016
Steve, in 1998, the land was purchased and the building constructed under a very competitive bid for a total of $804,545.14 I still have all the receipts to document. To believe that a half acre building on state street has lost value, with no appreciation over the last 17 years has me concerned with the appraisal. Is the gentlemen a MAI certified commercial appraiser ?
The property was advertised with terms of a re finance so the funds could be rolled into the new building and avoid the fees associated with a new bank loan .For that reason we delayed, waiting for the store to sell. Why would I
be willing to sell on contract, just to then take out a new loan with all the fees. Thinking this over, I indeed spoke too fast in agreeing to carry the
Contract with a $100,000 down.
However, I will keep my word.
The best I can do is $815,000 20 year,
5 % no pre payment penalty . It is possible. that we may be to Farr apart to make this work. Dixon
Sent from my iPhone
On Sep 15, 2016, at 5:49 PM, Steven Fitt < email@example.com> wrote:
I hope you are well. After our discussions today, we would like to see if we can find an arrangement agreeable to us both. We like the building and believe it will serve our small business very well in the coming years - just like it has yours.
The following are the things we hope to discuss tomorrow and have your team put into the purchase agreement (did you call that a rep c?) and will become binding upon our signatures after our review:
1. We have already agreed on a $100k downpayment, which we are prepared to make.2. The appraisal came in at $795k. We are hoping to negotiate to a $750k purchase price.3. Your offer to finance the purchase for us is great. We would like to ask you to meet the quoted interest rate from local credit unions at 4.5% interest. Because we intend to pay additional amounts as we are able, we will use an amortization schedule that calculates interest daily on a 20 year term basis without early payment penalties.4. Our agreement must be contingent on our ability to get out of our current lease. That plan is already underway and we expect to hear it is confirmed within the next week.5. I’m not certain about the remaining steps - I assume the downpayment is transferred at the time of the signing - through the title company.
You can see we are doing our best to negotiate a deal that is workable for us both. Please know we are grateful for the concessions you have already made in our behalf - but as a growing small business, every dollar counts. My availability is good tomorrow, after about 10:00am our time. Let me know if there’s a time we can speak.
Thank you again!