Will, a dentist, had inherited a home from his father. The home was in good condition, but got only occasional use, as a weekend retreat. Then Will began to think about retirement. But how could he retire when the upkeep of the property had risen to over $10k, per year. The gift from his dad was beginning to feel like a burden.<\/p>\n\n\n\n
Will decided to sell the property. But no one wanted to buy the home, because it couldn\u2019t be mortgaged. The home was built on land that had a 99-year-lease. That limited the pool of financial institutions willing to deal with the property.<\/p><\/blockquote>\n\n\n\n
This left Will with donating the inherited property to be the only option, and so Will donated his home, which, as we said, was in good condition, to Kars4Kids<\/a>. We then listed the home for sale, and were approached by a buyer. The buyer was very interested in the home, but didn\u2019t have enough cash to buy it outright. We set up a seller-financing arrangement with 0% interest, and everyone lived happily ever after: Will, Kars4Kids<\/a>, the buyer, and the children who benefited from the programs funded by the proceeds of the sale!<\/p>\n","protected":false},"excerpt":{"rendered":"
Donating inherited property Will, a dentist, had inherited a home from his father. The home was in good condition, but got only occasional use, as a weekend retreat. Then Will began to think about retirement. But how could he retire when the upkeep of the property had risen to over $10k, per year. The gift […]<\/p>\n","protected":false},"author":2,"featured_media":227,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4,9],"tags":[],"acf":[],"yoast_head":"\n
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