Having issues trying to purchase a bank owned property

[Jerad Miller]

Hello all,

I am trying to purchase a commercial property with my father in law with a list price of 188k. We've gone through all the proper channels. Started an llc and are currently working with a local commercial lending broker. We have the capital for the down payment. However we are trying to purchase a bank owned mix use property and the seller is being a royal pain. Our broker told us for the initial offer to have the closing date 90-120 days after the purchase agreement was executed. Since this is a commercial loan he said it will most likely take longer than a traditional residential property closing. No problem on our end. However the seller isn't having it. They came back and said there's no way they would hold up the property that long and a 60 day close would be max they would do. Keep in mind the property has been on the market for over 550 days. Also, they want 10k EMD that isn't refundable after inspections are completed. To me 10k emd is unheard of. There's no way I'm putting up 10k and signing that it's non refundable. We countered that at 5k fully refundable in case the deal falls through. The seller just doesn't seem willing to work with us at all. Our last counter offer we emailed over this afternoon was 160k purchase, 75 day close, we will forgo all inspections, 5k emd fully refundable. We are awaiting their response now. It's getting frustrating at this point. This has been over two weeks of back and forth emailing because of their unrealistic expectations. Sorry for the lengthy post but i just needed to rant. If we could have came the have came to terms early we'd already be close to three weeks into the process!