My first deal hoping for some feedback.
I found a 3 family with a very motivated seller. He told me he is ready to give the keys to the bank and walk. He has been trying to sell it for 269k with no offers.
He owes 300k on it and back taxes of about 8k. He said the bank told him they do not want the property and to find a buyer and make an offer. 3 families in the area are going for around 225k-250k.
He authorized me to talk to the bank.
The deal: see if the bank will take 150K. The owner is willing to do whatever to unload the property. I have contacted some investers who want multifamilies in the area looking at around 230k.
I would rather walk from the deal with some cash, then hold the property.
Is offering that amount to low, I guess try and see.
Thanks for any feedback