Hello BP community and happy 4th of July!
Does anyone have experience with buying a property where the Housing Authority of the City is the seller? Our broker showed us a multi-family property the City has owned since 1993.
The public records show that the appraised value from 2019 is $150,000 lower than what they are asking for it now. However, when looking at comps in the neighborhood we see that the actual value is most likely about 50K less than the asking price.
My question is do we have any negotiating power and is this something we should stay away from?
Any thoughts and advice will be greatly appreciated.