Is this happening to you? Tampa Florida Market

5 Replies

I would love to hear everyone's thoughts on this.  Are you getting accepted offers with conventional and Hard Money loans.  We are getting beat out by ALL CASH OFFERS on Properties between $150k and $200k.  These properties always have multiple offers and we are offering well above asking.  My buyer is BRRRRing them but we can't get another property under contract.  We got lucky and purchased 2 since May but no luck now.  

You are not particularly clear with the scenario. First of all, there is a lot of competition so maybe buying 2 is doing well. These things go in waves.

You say you are beat by cash offers but are you saying they are not offering a higher price? My guess is you are being beat by higher price offers which just happen to be cash. If they have cash their holding costs may be less than yours and thus they can pay higher prices.

If you are getting beat by lower price offers that are cash, then maybe you need to look closely. You say HML and conventional but IMO those are very different. Which are you using? As a seller, I view conventional with pre-approval as nearly the same as cash. The only thing cash sometimes helps is speed of close.

HML is VERY different. HML's cannot be trusted to close, IMO. Are you actually using conventional with an investor?

So yes, HML could be a huge issue but I would guess price is your main issue and there maybe other issues like contingencies or speed of closing that may be a bigger issue than just financing source.

Originally posted by @Mya Toohey :

I would love to hear everyone's thoughts on this.  Are you getting accepted offers with conventional and Hard Money loans.  We are getting beat out by ALL CASH OFFERS on Properties between $150k and $200k.  These properties always have multiple offers and we are offering well above asking.  My buyer is BRRRRing them but we can't get another property under contract.  We got lucky and purchased 2 since May but no luck now.  

Mya - are you still having this issue? I have been using a HML as well and getting killed by cash offers in Cape Coral even offering more than list price. What I am finding is these sellers want a quick close and here I am having to wait for appraisals so my closings are usually 30+ days. So yes even lower cash offers are being accepted. I am now on the hunt for some Private Money Lenders so I can become one of those cash buyers!

Promotion
Turo
Turo car sharing
Average $50K/yr with 5 cars
Join thousands of entrepreneurs who have started successful car sharing businesses on Turo.
Learn more

@Trace J.

YES,  I am in the Tampa, Florida market.  We also have Clearwater and St. Pete within my area.  All HOT markets that post was from a year ago...LOL...it's even worse now.  I have made offers (and been told mine is the highest offer) but beat by CASH lower offers with no contingencies.  We only ask for 7 days inspections and 30 day closes.  They are making offers with a conventional loan.  The market has been crazy here.  I have made 40 offers all at list or above and only gotten 3 of them accepted.  

Originally posted by @Mya Toohey :

@Trace J.

YES,  I am in the Tampa, Florida market.  We also have Clearwater and St. Pete within my area.  All HOT markets that post was from a year ago...LOL...it's even worse now.  I have made offers (and been told mine is the highest offer) but beat by CASH lower offers with no contingencies.  We only ask for 7 days inspections and 30 day closes.  They are making offers with a conventional loan.  The market has been crazy here.  I have made 40 offers all at list or above and only gotten 3 of them accepted.  

Yikes that's crazy!  Those are similar to what I have been doing too with 7 day inspections but I've had to drop that on several offers but still getting beat out by cash.  Crazy Florida markets!  Are the burbs just as hot or do you venture out from Tampa/St Pete/Clearwater?