Short sale negotiations
I saw a short sale "2 legal family" property in an up and coming neighborhood. The price is set for 220K. The property itself needs at least 60-80K to fix up. The comps in the area are low 300's though.
Here is what I was taking and had questions on:
1) Can I offer less than the asking amount to the bank, say 170K? I'm not sure if they negotiate at all? It would be an all cash offer.
2) There are tenants in the house. Whose responsibility is to ask them to move out?
3) Would it be worth flipping this property or use as rental? The neighborhood is OK but I expect it would be somewhat tough to get good and long term tenants.
Appreciate everyones advice.
Thanks!