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Updated about 4 years ago on . Most recent reply

User Stats

28
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2
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Mary Schr
2
Votes |
28
Posts

Lowball Offer-need some advice

Mary Schr
Posted

Hi-I’m trying to sell my two family home (top floor is occupied by tenant but can be delivered vacant) because I just can’t afford to hold onto this property (rents don’t cover mortgage; was my first investment decision).  
It’s on the market for 955k—at which price I won’t even be making back my initial investment.  I got an offer for 935k and went into contract.  As part of the deal, the buyer wanted us to kick out the first floor tenant: the first floor tenant is awesome but we paid them some money to move out and they did.  Closing date is on Friday and the buyer is now being weird about the sale—they might not close.  I’m out of money bc I had to ask a rent paying tenant to leave (and pay them to leave) but lawyers are telling me I cannot keep any of the contract deposit at all.

I now got another lowball offer of 905k all cash.  This buyer wants the whole house vacant.  905k is so low and I’m just so torn.   I desperately want to get rid of this property (I just can’t deal with landlording and I need cash to pay other bills) but if I accept the lowball offer, I’ll lose so much money...I’m also worried housing market will collapse soon and that any nyc tenants may be risky to deal with (eviction moratoriums, etc).  

I don’t know what to do...



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