Buying a rental property - strange situation

Buying a rental property - strange situation by Anonymous (GA) on April 6, 2012 @18:22

I recently offered $67k for a property listed for $70k (REO owned by Bank of America). While my offer was being considered, the listing agent for the property dropped its price to $50k yesterday ($20k reduction)!! Now I have been told today that my offer was preliminary accepted, and seller will let me know the final words by Monday. Given the price drop, I have decided not to purchase the property even though the property would cashflow great and my agent is pushing me to go ahead with the purchase.

What would you do in this situation? Please share your opinion.

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Re: Buying a rental property - strange situation by Anonymous on April 6, 2012 @18:54	[ Reply ]

Why not buy it at the 50K reduction? If they don't agree, walk away! 20K is a whole lot of money, no matter what your agent says. In the end, going through with the original offer, you are screwing your self big time.

Re: Buying a rental property - strange situation

Re: Buying a rental property - strange situation by Jake on April 6, 2012 @18:57	[ Reply ]

The only people who would advise you to go through with this deal are the people who will make money from it. They do not care what happens to you. Withdraw your offer immediately. Get rid of the agent advising you to buy at the higher price. Do you have a lot of experience buying real estate?

Re: Buying a rental property - strange situation

Re: Buying a rental property - strange situation by Mark on April 6, 2012 @21:06	[ Reply ]

The last time I saw that happen was when the property was found to be strip of all wiring, copper pipes and fixtures!

Re: Buying a rental property - strange situation

Re: Buying a rental property - strange situation by John (CA) on April 8, 2012 @09:19	[ Reply ]

have you physically seen the property? with an offer on the table I have rarely seen property go through a huge price reduction. have you inspected all the rooms, basement, foundation? you can hold your offer and consider the price drop and make an adjusted offer based on the lower listing

Re: Buying a rental property - strange situation by vekselmanpeter (Cumming, Georgia) on February 28, 2013 @22:13	[ Reply ]

Hello there! Wow! Congratulations! But before you sign anything, make sure to read the document very carefully, ask all the questions you can think of, and make sure AGAIN you understand every bit and parcel of the sale. Hope everything turns out the best for you. Peter Vekselman