Friend Lost Job, Can't make property payments to bank

He bought property for $289,000 5 years ago. Had it on market for 2 years priced at $250,000 Bank is doing a short sale, they reduced the price to $185,000 listed it on MLS for that price they have got a flood of calls, someone agreed to offer $215,000 , inspection has not gone through yet, this buyer might back off if there are issues, Anyone out there can give me some tips on how I should put in an offer with the Bank on this condo, and lock it in for 30 days , similar condo’s in the area are too selling for $280,000 price range, but are sitting ducks just like all the property around the country.

It’s listed for $185K and some knucklehead made an offer of $215K?? PT Barnum was right.

What do you want to do with this condo?

I would like to put in an offer a little higher than $215,000 maybe $220,000, i want to assign this property and hold for 30 days and find a new buyer, sell to new buyer for $227,000 and make a profit… with no money out of my pocket.

I’m confused, are you saying the ARV is $280k or are you saying that similar condos that are on the market for $280k are not selling? Also, why do you want to hold the property for 30 days if you are looking to wholesale it?

It’s been on the market for 2 years at 250k and hasn’t sold.
Why are the others selling for $280k and not his as $250?
How much work does it need?
What part of the country are you in?

I said similar properties in the area are also on the market for $280,000.

Who’s the lender and is there an approved package on the property? NOD filed? Trustee sale set? Has friend been paying his taxes and HOA’s?

I’d be careful on a condo deal.