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Updated about 8 years ago,
Buying someone's house who can no longer afford payments
Hi Bigger Pockets Mentors,
Recently my condo had a vote for a reassessment of the property. If majority condo owners vote in favor of the reassessment, then each owner will be forced to pay 50k to improve the building and its amenities such as the lobby, gym, pool, walkways, etc. Not only will amenities be improved, but the HOA fees will be reduced as the fee from each owner will help pay off a debt owed by our building. The measure passed which means each owner has to pay.
The problem for some (fortunately not me) is that they are older and are on fixed income. As bad as I feel for these people I cannot help but see opportunity during this time. The people who cannot afford the reassessment fee will be forced to take out a loan or sell. This is a sensitive subject and this is where I need your help! I want to draft a letter to all home owners in the building that says I understand what they are going through if they cannot afford to pay the fee, and then offer save them from debt by buying their house in cash at a discounted rate (including the assessment fee I will be forced to pay upon purchasing). I am drafting my letter now and would appreciate any templates or tips on how to approach the situation. Any help would be appreciated. Thanks!