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Updated almost 3 years ago on . Most recent reply

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Marci Stein
  • Rental Property Investor
  • New York, NY
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My offer - clever or dumb? please tell me what you think

Marci Stein
  • Rental Property Investor
  • New York, NY
Posted

Totally dilapidated House ( nearly a tear down  )   on 6 acres upstate New York 

in hot area.

currently in foreclosure , couple living there , but need to sell before going to auction next week .
Asking $225 , 

multiple offer situation.

My offer : $75 k and allow them to stay there for one year at no cost.  
are there any pitfalls that I am not seeing with my offer , other than I know I’ll need to evict them in a year? 

Most Popular Reply

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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
Replied

You’re going to offer $150k less than asking in a multiple offer situation? Who’s going to pay the balance owed to the bank? Either they have equity at $225k and will walk away with cash in hand (I can’t see them paying $150k in “rent” for 1 year) or the bank will want the balance owed to them.

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