History of Electric Induction Heating

Starting Over

By James Farol Metcalf

Metcalf Purchases Home on Arrowood Road

To: William E. Anderson
From: James F. Metcalf
Date: 15 January 1990

Subject: Ruth Shepherd property.

I want to purchase the subject property for my daughter. She does not have adequate cash to make a down payment for a mortgage. The property also requires a major expenditure to make it livable.

I already own an adjoining property that will be transferred to my son when he has adequate cash. I must avoid becoming a resident of North Carolina for state tax purposes, so it may be best if the property is purchased in my company name. The name is BEPA Corp. with the same Miami address as my official place of residence.

Please set up an agreement that makes you agent for the company or myself for the purpose of buying the subject property.

My daughter's have attached a sentimental value to this property in excess of its real value. My aim is to buy it at the lowest cost.

Can we upset a bid? Is the upsetting bid process an auction to the highest bidder? If yes, why should make an opening bid?

I will be in a position to put cash in an escrow account after January 22, 1990. Please fax instructions to (617) 367 1583.

My travel plans are not set, but this number forwards to North Carolina in case I am traveling.

James Metcalf
BEPA Corp.