Seller Response - Now I CAN'T BREATHE!!!

[Bill Tyler]

I just received a response back from a seller that has 2 quadplexes and a triplex for sale on the same block. Unfortunately they are listed on the MLS. I sent a request for the rent rolls and the trailing financials. Now that it has been 3 days with no response - I inquired about my previous request. Here is what I received:

"the seller will only sell for full price and asked if you were willing to do that."

I seriously can't stop laughing. I actually know the property well and the area. I also know that he is AT LEAST $90k too high on the quads, and $50k too high on the triplex. Without walking through them - I would also expect that he has done only minimal repairs in the 10 years he has owned them, and nothing on roofs, HVAC, etc. Maybe he thinks I should just fall in love with the 10 year old MLS picture? I KNOW the picture is 10 years old - because that's how long ago that a friend of mine lived there - and his car is in the picture.

I hope you didn't have any liquids in your mouth when you read this - but I thought I'd share a laugh with the BP Community today.

[Anthony Gayden]

@Bill Tyler

When I was looking to buy my second investment property in Tucson, I saw a 4 plex near the U of A for sale for $170,000 that had been on the market for 4 months. I inputted all of the data in my spreadsheet and concluded that I would be paying too much if I paid over $155,000. I also looked at similar buildings in the immediate area that had sold recently and none had sold for more than $150,000 so I made my offer at that price. The seller's agent responded with something similar saying that another offer had come in at $165,000 and that the seller would not accept anything below that price. I withdrew my offer and watched as the property sat on the market for another 2 months before they dropped the asking price to $155,000. At that point I already had purchased my second property, and was no longer interested. Funny how things work.