I have a decent amount of duplexes that I’m selling so I can put the money into a different RE venture. Before I put them on the market I let both the leases end, update, and make them move in ready. I have only had one duplex that was on the market for more than 14 days and everything has sold within $5,000 of asking price. All of the list say “30 day close / owner agent”.
Every property we have listed the same group of 14 people submit offers for owner finance, 75% offers, or some other crazy trash.
Is there a nice way to let these people know that we have no interest in any offer unless it is all cash and close to asking price?
Those kind of people just make those offers without ever looking at the property or even reading the full listing description. They'll just make blind offers in hopes that 1% are accepted and then they'll actually look at it and see if they want it. Nothing you can do to prevent them from making an offer, but obviously I wouldn't take them seriously.
So there blind offer with out doing there due diligence to at least walk thorough the property. If we accept the offer and the listing description matches the property how would they back out of it when it goes to court.
Should I say that I have a nice duplex that had a good size fire and this would be a great way to unload it at full price without finishing the remodel?
All those BS offers you get will have inspection clauses, etc., etc. for them to get out with.
I pulled out a couple of the offers from a 75% person. His inspections list, structural, foundation, bug, radon, plumbing, electrical, lead, mold, HVAC, and asbestos. His offers are all cash 30 day close. I don't see where this person would have any other outs as long as the duplex passed all his inspections.
I'll talk t my wife more about this tonight as she holds a RE license and I do not.
From what I have noticed being an investor and agent is that the majority of the times the actually do end up buying the property. They have a good idea what properties are worth in that area that they "shotgun offers" on. 75% off list they are fairly comfortable with and if there are any issues with inspection they will just try to hammer the price down more, rather than walk away from the deal.
Most people in the investor world are looking to buy at what makes sense to them. I know that a good deal of people will offer low hoping to get that instant equity. Look for clauses like "and or assigns" "partner approval" etc. You may have some people trying to wholesale your property. At the same time you may have some legit cash buyers just hoping to get a steal.
I don't believe you can really stop the offers, because I think the other agent is required to present them to your agent (you). I have seen some listings every now and then that specify they will not accept blind offers and they will compare the showing log with the agent making the offer. Even still, I don't think you can stop someone from submitting the offer. Its just a numbers game for those groups of investors...
I was talking to my wife (my RE agent) about the one persons offer that he sends us every time we list something. We don't think he leaves himself any outs if the property passes all the inspections. I will forward one of his bids to a RE attorney this week.
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