Posted by Brent_IL on August 20, 2003 at 18:42:55:
5-6 offers are nice; ask him how many checks he has received. If you listen to sellers, you’ll be negotiating against yourself.
This deal is very close the way it is because of the large amount of back payments. IMO, your offer at $250K is the highest almost-practical offer. When you consider sales costs and possible overruns on repairs you will lose money at $280,000.
I’d talk to the bank and ask for forbearance or ask them to add the arrearage to the back of the loan.
Personally, for a speculative $20,000 profit, I think $35,000 in cash is better spent.