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Updated about 16 years ago on . Most recent reply

User Stats

124
Posts
15
Votes
Robert Granara
  • Real Estate Investor
  • Reading, MA
15
Votes |
124
Posts

Buying 3 Bank owned Condos in same building?

Robert Granara
  • Real Estate Investor
  • Reading, MA
Posted

Looking on advice on buying 3 condos in a recently converted 3 family...They are all bank owned and on the market...Im going to put an offer in on the lowest priced one first and try to get that one under agreement...if i can get one u/a then i will have some leverage to go back to the other 2 banks and show them their prices are too high (condos are just about identical but) ...

they sold for over $200K a few yrs ago and they are asking $65K $99K and $109K, I wll offer $50K cash for the lowest priced first...

there is no HOA in this house, so financing is not an option...im only interested if i can buy all 3 condos...i would then re-establish HOA or convert back to a 3 family...either way im buyng and holding for monthly cash flow

but big ??? is can i structure the offer to say contigent on buying all 3 condos?...

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