How to get my offer accepted ?

Question

I have done my research and found the area where I want to buy a fourplex.   There are several fourplexes in this area ( at least 50 buildings all fouplexes ) and 3 of them just went pending recently.

So I decided to call the Listing realtors with the pending properties and let them know that if the deal falls through that I would be interested in making an offer.   One of the Realtors  informed me that she received 12 offers on it and some of them were “ all cash “ offers and that the winning  offer is “all cash “ and is $3,000 over the asking price.    I would like to buy the next fourplex that comes on the market in  that area but I will need to finance it and get a mortgage.    What can I do to get my offer accepted ?   TIA !

Joe Gilroy · Answer

Thank you Caleb and Brian for responding !    I will look into the cash offer deal !

Brian Racine · Answer

Two quick thoughts.. .(1) Ask the listing agent if the seller is interested in seller financing, 5 year balloon etc. [not appealing to all but attractive to some] (2) Consider using a "power buyer" service to turn your offer into a "cash deal" ;

Hope this helps, good luck!

Best, Brian

Caleb Brown · Answer

It'll come down to price, terms, and what's favorable to the seller. I'd connect with an agent so you can find 4 plexes ASAP. Once one pops up go in strong and see if you can have it a win-win for everyone. In this market people are going over list price, waiving contingencies, doing higher EMD and paying seller closing costs. Don't be stupid but you'll have to be aggressive.