I am looking to buy a modest manufactured home on 1 acre in Alamogordo, Otero county, NM. The asking price is $99,500. The current tax appraisal is $91,000. I viewed the home and agreed to the full asking price pending some apparently minor repairs. Seller is offering a wrap-around owner-financed note. I agreed to the 20 percent down payment. I would be assuming her note for 16+ years. I get back the contract and was told she agreed to everything. Except she adds an amendment that I must pay her an additional $4,000+ for her equity. She states she purchased the home for $82,000 but then got an additional $30,000 loan, and she wants her money back. So, she wants me to pay $19,000+ down payment, assume her payments for 16 years, plus on top of that, pay her $4,000+, plus interest, which can be paid either in 3 years or 5 years, which comes out to over $5,000 in a lump sum due to her. I feel this is a counteroffer and not an agreement. I feel I do not have to pay her for her assumed equity in the home, which she only lived in for about 2 years. She is asking for money above and beyond the sales price. The listing agent seems okay with this. But I am not okay with this. Can anyone advise me? Many thanks

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 Tags: REC, owner financing, buying, contract

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