Attempting to purchase property recently donated to a university
Good evening BP members! I have a fairly complex scenario and am seeking your help!
I am interested in purchasing a duplex in my area that was donated to the local university in June of 2017. The property was then placed on the market by said university in July of 2017. According to my agent, although the seller of the property is the university, the donor still technically has a say in how much the property sells for. This is because there were tax deductions that the donor benefited from that are based off of the appraisal that was required to be done at the time of donation. Therefore, if the property does not sell for the same amount that the donor valued the contributions to be for, then he/she must pay back any overpayment of deductions benefited.
The property was originally listed for $210,000. The University is listed as the current tax payer and is paying taxes on roughly that same amount. Which I can only assume, is what the appraisal came in at. The property has been on the market for over 200 days and although it was well maintained, it is in much need of updates relating to HVAC and electrical, both being big ticket items. With that being said, my offer came in much less than they were asking at $145,000 in hopes to negotiate to an equally fair price.
My question to those who have been in this scenario- If the donation has already taken place and the donor validated their tax deduction value with a professional appraisal shouldn't their part in the transaction be complete? Why should they have any tax implications from the amount the university decides to accept from the property? Is it because the donation only occurred last year rather than several years ago?
Help me understand if I am wasting my time trying to negotiate something that may not be negotiable. Thanks guys!!