Posted by B.L.Renfrow on June 21, 1999 at 20:11:46:
…“Pass” would probably be a good choice here. You’re talking about a property priced well over comps, with a not-very-motivated seller (he owns it free & clear, and he’s an investor, so it’s doubtful he has any real pressing need to sell). Plus, I’d be pretty wary of an investor-owned property. He’s probably not dumb, and I always wonder, when an investor is selling, what he knows about the property that I don’t. You could always give him a low-ball offer, see if he’ll give you an option for 90 days or something like that, and see what happens. If he accepts it, you’ve got some time to market like crazy and find a buyer.