Multiple Offers Declined: 5% in-comparison 20% Down

[Markus Jackson]

Hello BP Family, my partner and I have been aggressively making an attempt to purchase an investment property in NJ, Jersey City area.

Our focus is/was a 2-3 multi family home that we plan to house hack for 1 year.

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We placed multiple offers either at ask price or above ask price and even removed some contingency’s to make our offer more attractive.

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Problem: We often have to compete with multiple offers that have 20 percent down, and the seller believes that we cannot close which is far from the truth.

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Are there any solutions or tips for this issue?

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Our position: 5% down property’s around 600k+ in aggressive market.

[Russell Brazil]

Go through a pre underwriting process so you can close in say 10 days or so. Waive inspection. Use an aggressive escalation clause. Use an agent with good relationships in the market place.