Sally owns a restaurant that she has listed for sale for $80,000, that includes the established business, and all the eq

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Sally Owns A Restaurant That She Has Listed For Sale For 80 000 That Includes The Established Business And All The Eq 1 (45.53 KiB) Viewed 20 times

Sally owns a restaurant that she has listed for sale for $80,000, that includes the established business, and all the equipment (tables, chairs, grill, cooler, etc.). The terms would be $20,000 down and $4,000 per month payment to pay off the balance Bob comes along and is very interested in buying the restaurant. After spending some time looking at the restaurant and observing the business, he definitely wants to buy this restaurant but he is short on the $20,000 down payment as he only has about half. Bob is supposed to receive a $5,000 check from a client next week as well as another $5,000 check from another client within 2 weeks, 1. What could Bob do to work out a deal with Sally for the purchase of this restaurant and avoid the risk of another buyer coming along while Bob works on getting his money together? 2. If Bob were to approach Sally and say that he would buy the restaurant for $70,000, with $10,000 down and $3,000 per month payments to pay off the balance. What would this create? 3. What risk, if any, would Bob face by presenting these terms to Sally to buy her restaurant ($70,000, with $10,000 down and $3,000 per month payments to pay off the balance)?