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“Using a Dozer as a Down Payment?”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Using a Dozer as a Down Payment?”

 

My real estate agent suggested I contact you and told me if you can’t figure it out, no one can. OK, here is the story. A guy I have done bulldozer work for over the years wants to buy one of my dozers. The price would be $45,000, however he doesn’t have the money to buy it, but I offered to do a trade with him. He owns a two family, he estimates the value at $200,000. I am willing to buy the property at that price, as long as he takes the dozer as the down payment. Can you get me a mortgage for the difference?

 

Unusual, for sure, doable for sure. As long as it is structured and documented correctly.

 

First, it is you buy mine and I buy yours. The word trade cannot be part of the language.

 

The bulldozer would need to be appraised to verify the value. Ownership needs to be established and the transfer needs to be by bill of sale.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. What an endorsement for using a mortgage broker with multiple sources and a creative mind. Enjoy your day.

Aug 06, 2021 04:59 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

I am sure your news made this gentleman very happy as well as knowing he did come to the right man.  Mark

Aug 06, 2021 06:36 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

If you can't do it no one can - Wise words indeed - this is one for the books though!  

Aug 11, 2021 05:24 AM