Updated over 9 years ago on . Most recent reply
What would you do?!
So, I'm under contract for an apartment building ($100k purchase and was going to go conventional with 20% down) and the appraisal fell short $4,000.00. I know for a fact that it's because one unit has been trashed and is being lived in by someone who should be on assisted living. It's pretty disgusting, and I think would take about $5,000.00 to fix up.
My thought is to now offer the seller the same price, but do seller financing with 10% down and a $5k credit to cover repairs. My thought is that the owner is going to have to spend that money anyway. What do you guys think?