Multifamily Offer contingencies
Hi BPites,
As we all know the MFR market is pretty hot and deals are far and few between. A strategy I have been following is to make few offers every week without seeing each and every property. I strike out almost 100% of the time in this hot market. But anyways, I wanted to ask if someone had a list of recommended contingencies to put on their offer so it is easy to get out of the deal or re-negotiate the price if the condition, income or repairs are worse than the pictures or details provided and avoid losing earnest and option $$.
- How to include a repair credit/inspection contingency in the offer (verbiage) ?
- Should the offer include who will pay closing costs? (typically seller or buyer pays)?
- What would be a contingency to get out of the deal if the rent rolls/ operating statement or lease info is not-verifiable or turns our to be false ?
- What sort of financing contingency to put on offers (what if my lender denies the loan based on the MFR income reported)?
If anyone is willing to share a comprehensive MFR offer template, I will be very grateful. Thank you