Frustrated! Can't get offer accepted -- when will this end?
NJ · Member since 2017 · 18 posts · 6 votes
It's been a year trying to buy a multi fam for owner occupy -- been offering 30k+ than listing price and waiving everything but nothing seems to work. Idk when this will end.. Mostly looking at Middlesex, and essex county
Try offering a couple thousand towards the seller's closing costs - a little goes a long way to show you're motivated and willing to work with them!
yeah just that they not even talking to us because they probably got a cash offer smh
I would encourage your agent to look at off market opportunities - expired or cancelled listings, posts for one side for rent (could be a tired landlord or an investor with multiple properties). Creativity is key in this market!
@Joseph Antwi
I get it. I finally closed on a 2-family in Newark last week after 10 months searching. It’s crazy how this market is but here are a few experiences I went through that I can share ..
My first offer on a property I got an accepted offer! I was ecstatic to say the least. Especially at a time where interest rates were at an all time low, I had a quote at 2.5% and the property was a legal 3-family. Then came the appraisal …
The property under appraised by $175k below the agreed upon price (Imagine a 3-family with 3 bedrooms and 2 bathrooms in each unit in Newark with no work needed appraising at 475K LOL). I was going through FHA and the hoops they make you jump to fight an appraisal is ridiculous. The deal fell apart and I was pretty bummed out but I wasn't giving up.
4 offers later I finally got the perfect property for me and did a conventional loan. Most of the time I was getting outbid by people, as much as by 50k over asking price, and that’s just the game. I lived with my decisions knowing I made my best offer and not basing it off on emotions. You’ll find something soon, just revisit your offers and stay competitive. In my experience the offers that were picked were the ones that offer the most money. Good luck and don’t give up
Thanks for sharing your experience -- where did you end up buying? and also did appraisal come above the price? if so, how did you make up the difference? just cash?
I ended up buying in Newark, literally 2 blocks away from where the first property that under appraised for is. And get this, the 2-family I purchased appraised at $575k where the 3-family that I was under contract for appraised at $475k. Didn't make sense to me then and still doesn't make sense to me now.
From what I've been hearing appraisers are being very conservative in this hot market. I had to come out of pocket for my purchase. I would say go with the mindset of maybe coming out of pocket.
It's been a year trying to buy a multi fam for owner occupy -- been offering 30k+ than listing price and waiving everything but nothing seems to work. Idk when this will end.. Mostly looking at Middlesex, and essex county
Look for property that needs work. Take the time (or have your Realtor) to actually visit a crappy looking property to see what the deal is. For example, I had one where nobody wanted the house because it apparently needed a re-plumb (permits were not showing the required plumbing work). Once under contract the plumber verified that the property actually was re-plumbed but the permits were not completed. Long story short, the buyer ended up closing on the home $20,000 under market.
It's been a year trying to buy a multi fam for owner occupy -- been offering 30k+ than listing price and waiving everything but nothing seems to work. Idk when this will end.. Mostly looking at Middlesex, and essex county
have you considered just buying a SFH and a separate rental? 30k is 20% down in a lot of markets....