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Agree with countering at $10,000. This would be a good deal for both parties. He gets a 20% discount and you get 80% of your money immediately. With this small of an amount and considering the remaining 5 year time table if you don't take a settlement, I'd say take the money and run.
If we were talking about a 20% discount on a $100k balance, I'd say no way....
See if you can get the buyer to sign a simple, Notarized statement signed by buyer/borrower that you are settling the debt for less than what is owed. As you go to file the Certificate of Satisfaction (you do it for control), call him and request hos Social, tell him it will be needed to file. Send him a 1098 for the shortfall against your taxes and write it off on your taxes.
BUT WAIT!!!!! I am not a tax account and I am not qualified to give tax advice.......but it sure warrants the question to your accountant.
Don't counter at 10k,do it at 9800. 10k sounds like much more than 9800 even though it's not. Just like any retail business that always stop at 19.99 or that car at 19,999.00
Who is the property a nuisance? You aren't on the hook for anything are you? Is it just a nuisance to have to cash the checks still? I'm not really seeing a downside in countering. He's willing to pay it off early, I'd bump it up to 11k or so. If he says no, then you just continue cashing those checks. What's the going to do? Stop paying? Wouldn't that result in a bigger headache for him in the end?
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