Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

51
Posts
11
Votes
Garison Clemens
  • Investor
  • Orlando, FL
11
Votes |
51
Posts

Winning a property in Best and Final

Garison Clemens
  • Investor
  • Orlando, FL
Posted

So I want to hear from the BP community.. How have you made your LOI more "competitive" to the seller and broker when sending it in? I know increasing offer price helps of course. But are there any personal touches you have seen that work in your offer being accepted?

Thanks!

Most Popular Reply

User Stats

2,307
Posts
6,963
Votes
Brian Burke
#1 Multi-Family and Apartment Investing Contributor
  • Investor
  • Santa Rosa, CA
6,963
Votes |
2,307
Posts
Brian Burke
#1 Multi-Family and Apartment Investing Contributor
  • Investor
  • Santa Rosa, CA
Replied

Sellers and brokers want to see short due diligence times, substantial deposits up front and perhaps an additional deposit at conclusion of due diligence.  And of course non-refundable earnest money day one (but a lot of buyers hate doing that, myself included). 

They don’t want to see loan contingencies or other escape clauses. 

But the biggest influence is something that isn't in your LOI. It is your relationship with the broker or even the seller, your track record of closing deals without retrading and your general reputation in the industry. Stuff like how many units you own and how many deals you've done in that market really do matter. Brokers and sellers are looking for buyers that will close and not make their lives miserable in the process. That's far more important than terms and often even more important than price.

Loading replies...