Jim
had bought a 2 bedroom/2 bathroom house in
Urbana. Jim's neighborhood was very unlucky
as many homeowners in his neighborhood were
foreclosed on, there were 5 vacant,
foreclosed houses just on his street.
Jim had found a new job in Saint Louis,
Missouri and was very excited to make a
career transition. However, when Jim was
doing research regarding the sale of his
house, he found that his property had
actually depreciated due to the excessive
count of foreclosures in his neighborhood.
This news wasn't good as Jim had his
house for a short amount of time and he knew
that if he wanted to sell through a
Realtor, there would need to be equity in
the house to cover the commission, ideally.
With no equity in his house to cover selling
expenses, Jim turned to Schwaps.
Jim wanted full price upon sale as he knew
he'd already lost a substantial amount of
equity due to depreciation. Schwaps offered
to buy the house for the full $120K
asking price, however Schwaps would pay Jim
$90K upfront with the remaining $30K due
after 5 years as a promissory note. Or the
alternative, $105K price was offered, with
all money due at once at the time of sale.
Jim opted for the former, the solution
worked well for Jim as he didn't need the
full $120K immediately. He was able to
relocate to Saint Louis an start his new job
with peace of mind.
* The
story above is just one example of the many
ways Schwaps may serve your Real Estate
Needs |