Property locked in for too high of an amount

[Account Closed]

Hi,

I have a condo under contract until December 31,2013. I tried to get the contract for $28,000 however, the owners owed $39,000 on it, which they had bought the condo for $44,500 a couple years ago. They want to sell fast because the daughter has a new family and wants to move back closer to home. She does not want nothing to do with the property so for someone to take over payments is not an option for her. I have the property locked in for $39,000, trying to sell for $45,000. I would consider negotiating, however, $40,000 is too much for this property based off the comps. Comps - $35,000; $33,000; $20,000. What should I do to over move this property? 2 bed 2 bath condo in NC. HOA $202/ month.

[Jon Holdman]

Cancel the contract, get your EM back and move on to a deal that's actually a deal.

The owners aren't going to sell it for $39K if its only worth $35K. They need to bring cash to closing or do a short sale. You tacking on a $6000 fee (a LOT on a small deal like this) isn't in the cards. You say they want to sell fast, but I see no evidence to support that.

This is a horrible deal. You shouldn't be involved at all. Move on.