Negotiating with Wholesaler as Buyer
I am looking to buy a mobile home park in an MSA in NC. The park happens to be an off the market deal from a wholesaler. I ran some initial numbers and it is way overpriced. (Asking $850k and it is worth $450k-$500k - using industry-standard income-based valuation methods).
I am super into the property, other than the price it is a great opportunity.
Wholesalers, what is my best move here. How should I approach the wholesaler in a way that I can buy this thing for a realistic price and they can get what they are trying to accomplish done too? Is it normal to way overprice things in the hopes of luck? (Like I said, this isn't even on the market). I am curious about what is going on here. And slightly nervous to screw up the opportunity as this would be my first park although I am well-educated on the topic.
Thanks in advance!