If he knows he can sell the house for $155,000 why is he willing to take a 40k hair cut plus closing costs?

I didn't see it until I enlarged the photo :-PFull head of hair...just a bad haircut...  :-)

When you're getting your hair cut and the stylist is telling you how she just made $60K flipping a home, you know it's time to get out.

They decided to sell off some smaller projects even with a small haircut to allocate time to the completion of larger projects with more potential.For some reason or another your property owner decided to pull out of this and not finish and let someone else take the risk.I have a retail strip center with an anchor grocery that at the last minute close to where I live they pulled out.

I dressed like other sales guys of the day, even wearing a suit at times and had a haircut in the 60s.

@Jason Hirko thanks for your post....You two made me feel that I am NOT totally crazy thinking 50% ish hair cut....Thank you

Sometimes you can find a buyer but you may need to take a haircut on price.

yes. i thought NJ and NY markets are the same. it was the news all over in the world that attracts homeless to NY that the city using taxpayer money to house them. it's $2000 per person a month. google any NYC pay homeless, tons of news. non paying tenants, paying homeless....http://www.dailymail.co.uk/news/article-3995098/Ne...There was a news few years back that NYC panhandlers who own a few condo apartments by putting dirty make up on without getting haircut or some with a dog. this is one of the news even on International Business news.http://www.ibtimes.com/how-much-do-panhandlers-mak...no offense, why we want to invest real estate?

Sorry, typing on my mobile, waiting to get my haircut.  

In that case, you would have to consider HELOC or cash-out refi on your other real estate assets or gather the cash from individual partner/JV investors.Regarding your offer price, 20% haircut would be a pretty low offer for only being on the market 60 days and it's close to turnkey.