How to Lower a Price with a Emotionally Invested Seller

[Matthew Cassidy]

Hi Bigger Pockets Nation,

Need some help.

Seller is selling a 4 unit building (quadplex/Four Family), older guy been in the family for years and handed down in the family

Comps:

1. Same area 275K for a 4 unit building last year that needed new kitchens, bathrooms, new flooring, in unit laundry hookups. Already had central air 

2. Fully renovated 4 unit with all updates sold $400K a couple days ago

Details:

-He is back paying taxes on the property and set up on a payment plan with the city, he owes around 10K

-Had it under contract last year for $250,000, people came back at $180,000 called it a low ball offer

-Building went under contract for $230,000

-Bank will only fund $395,000 for construction and purchase price combined

-Major tuck pointing work, already cited by the city

-1 out of the 4 units are occupied

-All 3 units we saw need a full renovation 45K a unit (lots of sheets of drywall and joist work)

-New roof 15K, Tuck pointing 35K worth of work, add central air and furnaces 34K, Backyard is chewed up concrete...yes chewed up concrete that's about 2000 sqft (tripping hazard) and has a giant sycamore tree (8K to take down)

-About 300K in renovations

-We sent over the bids and walked through saying the bank can Only do $395,000...We can eat the backyard cost which is around 30K and purchase the property for $130,000

He basically told us no way told him give us a call if anything changes... and he re-listed the property instantly.

How would you go about handling the situation?  How can you influences someones decision that is emotionally invested?  Or what advice do you have on how to handle this situation?

Thanks y'all!

Matt Cassidy