I have a property that was sent over to me. And it was listed for $189k. The realtor spoke with the bank rep and they approved it for $183,500 for me. All concessions and closing cost are being covered by bank, and all this was done without me asking.
THE PROBLEM is that the property is only looking at being worth $190k. The rent seems that it could possibly bring in a cash flow. But the margin between the purchase price and the value of the property.
What should I do?
I asked the agent if should negotiate the price down and she responded saying that the bank rep says that's the best they can do.
Any suggestions, I have until Thrusday.
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