4-Plex deal in critical condition. Plan B: anyone connected at Chase?

[Loc R.]

Summary of my 4-plex deal:

1. Seller buys house for $30,000 in 1969.
2. In 2004, seller takes out a $350K 1st Trust Deed against what was, at the time, a free-and-clear 4-plex.
3. By 2010, seller has let property run down, and is behind on payments.
4. In January 2011, seller enters purchase agreement to sell property "subject to" to yours truly for $393K.
5. During escrow, seller drags feet, attempting to find ways to avoid paying taxes, as he is looking at a fairly large capital gains tax bill. Turns out that not only does he not have the money to pay his mortgage or his capital gains tax bill, he hasn't filed taxes in 3 years! (In case you're wondering, I never asked for Schedule Es because this property had 3 vacant/boarded up units).

So, I've had a small fortune sitting in escrow for 2 1/2 weeks now, making no money, and limiting my ability to make offers on other potential deals.

My plan now is to try to contact someone at Chase, and simply offer to buy the note. I made a half-hearted attempt yesterday, but didn't have the time to wait.

Does anyone have a REAL connection at Chase that can make this type of decision?

[Dale Osborn]

With 3 boarded up units is the income good enough to support a sale price of $393K? Perhaps I am missing something, but it does not sound like that good of a deal. The property is run down. What exactly is the draw for you to want this property so badly?