I move to proceed with making a contingency offer on the three properties
discussed by the BOD on 1 July, 2014. No financial commitment will be made
without formal BOD approval. This step begins the process of acquiring these
properties for FYA.
7 Comments
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sorry, late: I approve..
Brad’s comment:
Dave
I cannot log in to our web page to vote. So here is my vote and comments.
Yes, proceed.
I talked with Marylee yesterday. She expressed concerns about how real the offer was by the executors of the estate since she has only their word. My limited experience with real estate transactions is that an earnest money deposit will be required to hold the property pending receipt of the funds from the estate. My recommendation is to request the earnest money be advanced from the estate. An alternate is a written guarantee (notarized etc.) from them that the estate will reimburse us for the earnest money if the estate distribution does not materialize with sufficient funds to acquire and maintain the properties.
Brad
I also vote in favor of the motion.
I vote in favor of this motion.
While I can see Brad’s concern, if the offer is worded properly, the earnest money is not at risk. The offer can be worded so that we have to receive the funds in order to close. This step is just aligning the interests in principle. As a matter of fact, most offers to purchase start with at least some contingency. I would not be in favor of risking FYA monies at this early stage either.
Agree, and I realized that my seconding Dave’s motion did not post here so just for the record, I second his motion to proceed.
I vote in favor of this motion.