“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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