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Trading land to home sellers as part of down payment - Possible?

Greetings all.

My wife and I purchased land earlier this year with the intent to build. We own a home that was late getting on the market to sell thanks to a lackluster contractor, but at least it's up now.

We found a house near our land that tick most all of our boxes. We put in an offer, got a great rate locked in until Nov. 15th, but being contingent on our existing house sale to cover the down payment, our contract has now expired.

The sellers have been extremely amicable towards us and in discussion, we mentioned selling our land quickly. They were actually quite interested in the land and are discussing things after they went to see it and walked the empty lot.

If they come back and want to go forward trading, what's the best way to align things?

- The land value covers about 65% of the down payment amount and we can come up with the other 35%.

- I understand that the two properties can not change hands in the same transaction in our state (Maine)

- My loan officer recommended that we have a separate binding contract that would pass the land to them with their agreement to offer a "buyer discount" of that value, but my concern is then we would still have to come up with 20% of the reduced amount vice the land covering a large chunk of that.

Has anyone run into anything like this before?

submitted by /u/AdrianJ73
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/yiem86/trading_land_to_home_sellers_as_part_of_down/
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