This is ridiculous. So, the latest “problem” was that the bank wants the current owners to pay down their mortgage by the purchase price of the loan … which means the full offer (including up fit). But, the upfit $$ is going to ME, so that would effectively screw the owners of the building … they’d be paying down money they don’t even get.
So now, the owners want me to look into a way to make the mortgage $130k and have a 2nd loan for the upfit. Hunh? How in the world would that work? I’ll be calling my bank-guy tomorrow, but geez.
The other option is that the owners would just “suck it up” and close AFTER I do the upfit, using the $30k for the upfit and risking my departure in the middle of the transaction … which wouldn’t happen unless there were extreme circumstances, but they don’t know that.
Perhaps if these guys had never OFFERED an upfit allowance I’d be less ticked that they don’t have their crap together, but they did, so I expect to use it. I guess they don’t really *know* what they are doing. 🙂 Guess we’ll see!