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Updated over 10 years ago,
Reassignment Contract on Commercial Property
I have a contact that has a contract (reassigned) for part of a shopping center that they are holding and trying to sell for all cash. I have got the cash to put down at least 25% of the purchase price. The selling price is $170,000. I may be able to get the property for a little less if I have proof of financing. At present, with what I have been shown, is a rent roll that has no names and just a list of the addresses of the proprietors that add up to $2,850 a month. I tried to get a proper rent roll, but seeing how the contract is reassigned it is impossible to get. The property has an empty residential home that is on to the same property, that is not rented, and that should rent for at least $900 a month, also. What is odd about the property is that the city has it accessed at only $192,000, however the plat shows the entire property they are trying to sell. My home is accessed for more than that. Any thinking person can see that the rent they are showing is more than reasonable. Banks will not even look at the property, or at me, because the property does not have a proper rent-roll I can show. I have really basically given up on it, because things that look to good to be true, normally are not. Anyone have any idea on how I can get this property financed?