How to be the winner?

Question

Top tips for how to be the winning buyer?

I've been trying to buy in Midtown Miami for the past year. I've put offer in on about 8 houses at 20%-50% over list price. I haven't won one.

I've tried using a buyers agent as well as submitting the offer directly.

A new property came up for sale today. How can I win this one?

Jon Holdman · Answer

Because you're truly a cash buyer submit an offer at the price you'll pay, all cash, no contingencies at all, one week closing time, a certified check for 10% of the offer amount and bank statements showing the cash.  That's as strong an offer as can be made.  If that offer doesn't get an acceptance, take comfort in knowing someone else paid too much.  Happens all the time.  Move on to the next property.

Nat C. · Answer

Thanks Jessica, I'm going to email you now.

Andy Collins · Answer

Just remember, "winning' only means you paid more than anyone else is willing to.  My target market is really hot right now, so 'winning' is too expensive for the numbers to work for me.

Obviously if its your residence then the only thing that matters is if its worth it to you.

Bill Gulley · Answer

I like you too, most ladies I know won't stop talking, you use very few words, LOL

Cash offer, great!

I try to pick the listing agents mind and get the motivation of the seller, time wise, when they need to be out, etc. You can find that a seller is moving out of town and arriving at a new place in say 45 days, offer to match the closing date or a few free days as a hold over moving out.

If they are going to rent, and you have another place cut a deal in the offer if they would be interested, the listing agent should know what the plans are.

Find any problem the seller may have and solve the problem is the easiest way to put it.

Work with the listing agent, if properties are moving at 20% above the asking price, make your offer in line with the market to begin with, really want it with your emotional side, heck, it's only money! :)

Michael Lemieux · Answer

Hi @Nat Chan , I'm not sure how to "win" the specific property that you are looking at. My thought would be to look for non mls deals, either through direct marketing, or a GOOD local wholesaler. A good wholesaler who is out "beating the bushes" Should have deals that no one else has. ( I think that's one of the things that make a good wholesaler )

Jessica Swingle · Answer

Hi @Nat Chan.

Yes, Miami is crazy right now.

With all the international cash pouring into the market, prices are being pushed up, and in many cases, the local investor is pushed out (we're seeing situations in which international buyers are seemingly ignoring formulas and returns and simply buying to park cash or bet on the rising tide - and multifamily is in high demand).

Midtown is especially hot, as you mentioned, so it does come down to how badly you want to own/live in that area. Also, The Design District is bringing in a lot of Manhattan money. I was at a commercial conference last week and they were discussing the vision New Yorkers have for Miami. Everything is going vertical. A lot of investors want a piece of that anticipated growth. Very interesting stuff.

Miami is the 2nd fastest growing metro in the country right now - (behind Dallas), so unfortunately, it just comes down to being a highly competitive environment out there right now - as I'm @Andy Collins can attest to.

Building relationships with listing agents and offering over list with an attractive EMD is your best bet.

Please let me know if there's anything I can do for you.

Feel free to email me directly. jessica@swinglemiamigroup.com

Brie Schmidt · Answer

@Nat Chan My last 2 properties were during a hot market with 10+ offers - I found that if I offer 5% EMD with a solid offer then that shows them I am serious.

Nat C. · Answer

Bill I love your attitude! I have cash, no financing and am ready to go. Any other questions?

Bill Gulley · Answer

Love the determination!  Owner occupied, I assume you're getting financing which means an appraisal.

Visited your profile, you're not that new, so can you make a cash offer?

The more info about your offer the less little questions we'll have as we need t come up with a killer offer to be made....  :)

Nat C. · Answer

Yes Miami is a very hot property market and I want my slice. Its a duplex situated exactly where I want to live.

How to be the winner?

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