Part 4: The fifth element
We still wanted to have a fourth couple in the mix. We needed a fourth couple to make this work. Luckily, I had been mentioning their names up until we had been ready to give it up. Josh and Liz. We were all friends. We were all around the same age and stage in our lives. We felt comfortable leaning on each other when times were tough. Why not? As an added bonus, Liz and Katie are sisters, and Liz and Laura were close friends from childhood. It made sense. Now the one catch. The money.
We only had so much that could be mustered amongst us for a down payment and it was not enough. Now I did mention Laura and Cliff and all of their scheming. They had a plan, as I had mentioned. A plan that involved the current property owners. Sometimes in real estate, when a young couple (for example) cannot quite make a down payment to get their mortgage, they ask for what is called a vendor-takeback mortgage. What is it? Basically, the seller and the buyer work out a loan agreement. It was crazy but it was worth a shot.
Laura, who was also a realtor, had been representing us and called the seller's to ask if it was something they would consider. They would? They would! And so the barganing table was erected and the offers began to shuttle back and forth. We tried not to get hung up on too many details, but it looked like the numbers worked and we were reaching an agreement. We were going to buy a farm!