Legal Question in Real Estate Law in Wisconsin

Real Estate Transaction. Looking to purchase a property that is approximately 12 acres with two large heated shops, pond and a small home. To purchase the property where it is valued wouldn't allow me with any excess funds to rebuild the house on the property. Could I purchase the property from the seller at a reduced price for getting a loan from the bank, giving me equity in the property and the ability to get a construction loan. When the construction is done do a cash out re-fi and make another payment to the original seller for the balance? Any ideas


Asked on 12/30/15, 9:10 am

1 Answer from Attorneys
JAY Nixon nixon law offices

Yes, what you suggest would be a lawful transaction, assuming that everyone, including lenders, agreed to it. However, the stars would need to aligned in so many different ways that success would be a long shot. Were representing the seller, however, I would tell him that it would be impossible to draft an enforceable sales contract that would cover all of these different contingencies.

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Answered on 1/03/16, 6:28 pm


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