You'll have to negotiate with the tenants to get around that.If you sell before the lease is up, the lease stays with the property.

They also filed a deficiency judgment, which sometimes gets negotiated away in a short sale.If you're going to pursue this sort of deal, do not focus on one property.

If it's a really great deal go ahead and lock it up with as cheap earnest money as possible now to get rid of competitors so it changes to pending status.I can guarantee others are looking at it right now and running the research you are as well.Get it locked up cheap and then do most of your research in your due diligence period.If you find you do not want the deal you can always assign it for a fee if allowed or bring in a partner to help with additional costs that is discovered or you can negotiate the price down further.I see it everyday where an investor does too much upfront work and do not get it under contract and lose out to someone else.

So if I could negotiate the price with them to around 40,000 would that be worth going after?

I may bite if hes willing to negotiate.

Should I contact the lender directly and negotiate?

Should I contact the lender directly and negotiate?

If you feel it is a good investment than try to negotiate to split the cost of a new roof(money off the price because it doesn't sound like it has to be dine anytime soon) because when you made the offer you did not know the roof was toward the end of it's existing lifetime.

Deals are to be made through negotiation.

A property in my target area was being sold on MLS and negotiated as a short sale by an investor.