Commercial property–Store building and parking lot
Re-sale to convenience store co. 220K (six months later)
The terms of the sale were 10% down and the seller carried the other 200K.
If the seller wanted to cash out, what kind of discount would he have to take on that kind of paper? Let’s say it was 8%, 10 year term.
Does anybody buy this kind of paper? With the kind of equity involved here, I am wondering if it is possible to create paper to essentially flip commercial properties. How does commercial property get appraised? I’m sure there were no appraisals involved in this deal.