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Updated over 7 years ago,

User Stats

14
Posts
2
Votes
Benjimen Elliott Johnston
  • Eufaula, AL
2
Votes |
14
Posts

Has anyone structured a 9month close with a bank?

Benjimen Elliott Johnston
  • Eufaula, AL
Posted
Partner and I have made an offer twice on a commercial lot owned through foreclosure by a regional bank. No budging. Local guy says it is out of his hands and that bank has five years to write it off. The price has been reduced twice in the past year, but our offer is only 45% of last listed price. The property is currently not listed as of last month. I was thinking of making same offer with closing date of April 2018 which would allow the bank to write more of it off, but lock us into the property. Has anyone done this and is it even a possibility a bank would consider? I'm trying to sweeten the deal to the bank without increasing the cost. Due to the extensive rehab necessary, a price increase does not make my numbers work and is a deal breaker.

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