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Updated over 9 years ago,
Pre forclosure help please!
Hi,
I found a 3 family house I'm interested in. I talked to the realtor and she said they would like to move quickly because the house is close to being foreclosed on. I haven't seen the inside of the property yet. I also found out the house was under contract but the deal fell through. According to the real estate agent the buyer was being difficult and picky. This info is from one phone call with the agent. they are asking $226,000 but she claims they need as close to 200k as possible.
Now according to my analasys the numbers look great at 200k. My only concern is according to the tax records 2012 the taxes were almost double the property. I'm nervous about this possible major tax increase. It boils down to what the new assessment would be in 2016. The properties are assessed every 5 years.
My question is obviously this person is a highly motivated seller. How can I negotiate with the seller on asking price? 200k would be way too close cash flow wise if the taxes go way up. Obviously he's motivated to sell. Help me out with some suggestions on offers? Thank you!
Here is the property.