purchasing a quad plex

[Jonathan Polanski]

So I'm in the process of purchasing a quadplex in South Florida, I put in an offer 5k more than asking because buyers are really aggressive here I lost out on a few good deals here to other investors so I wanted to get aggressive, and I'll make 17% cash on cash ROI with all my expenses allocated even at 5k more than asking. So my offer was sitting around for a week and a half, we (my realtor) had to hound the owner down. We finally got in contact with the owner.

He suggested that we do seller finance with 100k down. I thought this was a terrible counter offer, I have financing, I don't desperately need financing. I was going in 20% down which would have been 50k with hard money, then convert it to conventional @ about 5.8%. So now that he has me in seller financing how can I finesse this deal?

quad is going for 250,000

[Joe P.]

You've made an above asking price offer. The fact that they would respond with anything other than "YES" or "BAFO because of multiple offers" is beyond me.

You gave the seller an inch of rope and now they're trying to strangle you with the whole darn thing -- I would say you are comfortable with the offer you gave at the terms enclosed.

The why is sort of irrelevant, they obviously have something in mind but if you put a property on the market and someone offers you more than asking, as my old English teacher would say, "shut up and take your apples."