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Updated almost 5 years ago,
Would you give high earnest money deposit to get better deal?
Hello,
Off market recently built duplex (2200 sq ft) with tax abatement.
Gross rents are $1400 and below market rent ($1600 = market rent)
Seller is all in at $190,000.
Duplex is insured for $236,000.
Seller is asking 231,000 ($105/sq ft)
Seller says Duplex is almost paid off.
Seller needs cash for new business venture unrelated to real estate and wants to sell ASAP.
If cash offer is not doable - would you offer high earnest money deposit ($100,000) given to seller ASAP and finance the rest with conventional mortgage in exchange for lower purchase price?
Thanks in advance for any advice.