Posted by Randy Johnson on December 26, 2001 at 19:50:34:
In Reply to: Some quick thoughts posted by Michael Morrongiello on December 25, 2001 at 23:55:06:
Michael, Thanks for the advice! Please note that, while the 1st mortgage is non-assumable as far as in a conventional sense, I have considered offering to do a wrap or lease-purchase arrangement in order to get out. I've been advised, however, that allowing a 3rd party to assume control under these circumstances could be risky in its own right should I later be forced to reclaim the property in a damaged or neglected condition. Currently, it's at least in attractive appearance and under good management. Have you had any experiences with on site auctions in matters such as this? My thought is to get all I can out of it while it's in top shape after making pre-arrangements with the holder of the second. Thanks!