I'm a buyer -- 1st & 2nd lender approved short sale

[Tommy Daniels]

I am a new investor looking to purchase my 1st rental property.  It is a 12yr old townhome in good condition that will require minimal repair to be rentable.  The 1st and 2nd lienholders approved my first offer of  $80,000 cash.   I recieved documentation addressed to the seller that is probably not intended for me, but the lender approved a discounted payoff for the seller at $66,400.  

A friend ran the numbers through the biggerpockets BRRRR Analysis calculator and my Income-Expense ratio (2% rule) is 1.12. I plan to rent for a conservative $950/month. I will be cash flow positive at $319/month. Cash on cash ROI is 4.5%. SO, in order to get more equity and improve my numbers, I'm thinking that during the due diligence period I will ask for a lower price around $73,000. I'm assuming/hoping the lenders will accept or counter my offer and not have to go back thru the approval process.

Any advice about my thought to lower my purchase price?  Should I request that before putting down earnest money and paying for inspections?

Should I mention this to the seller's agent who is acting as buyer/seller's agent, since I didn't use an agent?

[Wayne Brooks]

Yep, try to lower your offer now, you most likely will lose the deal. I have to just shake my head at this.....as a former listing agent and negotiator on short sales, I would Never allow the contract to be written with an inspection period "after bank approval" just for reasons like this....60-90 days in, and buyer can just change their mind.  As for the agent, you did get misled.  The banks generally pay5-6%, on cheap/medium price properties anyway, and the agent wanted to keep both sides, but their is a lot of work if the agent is negotiating the short sale.  I'm betting though that the paper work shows a different agent on the buyer side, probably from their office, as the bank wants to cut a double side commission.