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SW WI | From my previous post, 1 of the things that I thought had some merit was 5 heads idea of offering closer to the banks asking price but at reduced interest. Had a meeting with the bank today. Got a very negative vibe at first even before talking in general terms of closer to asking but reduced interest. There is a lot I would like to say about what the bank is looking for...but for now I’ll stop.
Can anyone see some downside for me on this deal....you can plug in your own numbers for your own area but imagine the peak of the land market a few years ago. I’m about 30% back of that. There is a balancing act for me between $ /acre and interest rate. Less interest for me equals more $ of price. I have a total figure that is my line in the sand that I can’t go over but however you get there could be several different paths.
The bank needs to take it to their board to see what they think, I should have an answer from them early next week to see if we can proceed on some other details that would need to be ironed out. My insistent point was interest would be fixed over life of loan....no way am I gambling with a variable rate.
What other things would you look out for? During a tense first few minutes I was very disappointed to be told they have a renter lined up....I was the high bid of a sealed bid process and you don’t give me a shot at renting? Didn’t even contact me on rent. Yes, it is their sandbox. Maybe they laugh me out of the building next week....I’ve probably went as far as I can. | |
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Land deal update
