Real Estate Agent
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated about 3 years ago on . Most recent reply

My offer - clever or dumb? please tell me what you think
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

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.