Making an offer.
Hi,
I am looking to purchase a piece of commercial property with an apartment upstairs. The selling price has dropped to a 1/4 of original price. I believe it is a good deal and the owner is anxious to sell. Currently they are paying about $300 a month just in taxes. My goal is to offer as little down as possible with owner holding the mortgage. This is my initial thoughts on how to make an offer. The listing has it stating any offer between 30-50k will be considered. My thought was after feeling the situation out was to see what the would take if purchased now then offer a higher price if they were willing to hold the whole mortgage with a balloon payment in say 5 years. With low interest rate. Again I believe this is a good deal even at the higher end. Any suggestions as to how to approach the deal in a better way would be greatly appreciated. Having the owner hold all or most would enable me to invest more money into the business initially. There is no business in there now.