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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] happened to me Posted by Skimmer on April 21, 2009 at 9:04 PM In Reply to: Re: Terms... posted by BrianH on April 21, 2009 at 10:02 AM Two years ago, I bought a house before trustee sale. I agreed to pay him $20k cash, plus as part of the deal, took over his $15k car loan balance (luxury Lincoln). Although it is not secured by property, I kept my promise to continue to make monthly car payment, planned to pay it off after I resold the house. He then moved to Sacramento close to his daughter. I resold the house several months later. Right after I resold the house, I got a call from him (I think he was monitoring the house for sale on my webpage) and asked if I can pay him the car loan, and he would re-take over the car payment. Since I hadn’t paid off the car loan yet, I said it was fine. I asked him for discount, he said 10%, we agreed 20% discount. So I paid him 80% the balance and he signed an Estoppels Affidavit that mentions I would no longer responsible for the car loan we agreed when I purchased his house. Skimmer : Hey Rick. I thought of that and factored that into my decision. Based on what the seller is going to do with the upfront 20k it is almost a 100% certainty that he is going to sell me his note at a discount in less then 8 months. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Two years ago, I bought a house before trustee sale. I agreed to pay him $20k cash, plus as part of the deal, took over his $15k car loan balance (luxury Lincoln). Although it is not secured by property, I kept my promise to continue to make monthly car payment, planned to pay it off after I resold the house. He then moved to Sacramento close to his daughter. I resold the house several months later. : Right after I resold the house, I got a call from him (I think he was monitoring the house for sale on my webpage) and asked if I can pay him the car loan, and he would re-take over the car payment. Since I hadn’t paid off the car loan yet, I said it was fine. I asked him for discount, he said 10%, we agreed 20% discount. So I paid him 80% the balance and he signed an Estoppels Affidavit that mentions I would no longer responsible for the car loan we agreed when I purchased his house. : Skimmer : : Hey Rick. I thought of that and factored that into my decision. Based on what the seller is going to do with the upfront 20k it is almost a 100% certainty that he is going to sell me his note at a discount in less then 8 months. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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