Getting A Deal Under Contract --Help--

5 Replies

My partner and I have a potential deal in the Jay/Livermore Falls, ME area and the owner of the building is solidly set at $75,000. She has gotten offers in the past for the property, but she has held onto it for over a year and a half. Her husband is deceased which is why she moved out to begin with. We were wondering what the optimal steps were to take to get this property under contract at a discount that would appeal to both parties involved. Would options or terms be advisable? What are your thoughts, any and all help is appreciated.

Emphasis you're making a cash offer with no financing contingencies, can purchase the property in as-is condition, and can close in a short time frame. Those are all advantages you bring to the table that traditional buyers can't. However, if the seller is set on a price well above what you're willing to pay, then there really isn't anything you can do. Real estate investors need to purchase properties below market value, so if a seller is in a position to wait for a higher offer, then they have every right to do that and you should move on to looking for new leads instead of trying to figure out how to make your offer more "appealing". 

I would follow up with the seller a couple months down the road. It is possible that their circumstances have changed and they now need to sell the property in a quick time frame.

@Tyler Richards Other details needed too - ARV? Rehab costs? Do the due diligence to make sure you're getting a good deal. Just because the seller comes down from the $75k price, doesn't necessarily mean it's a good deal.

Good luck!

- Tom

Yea if she doesn't want to sell it for your cash offer price then you would either respond back later or do terms. If she doesn't want either, then either you need more experience on various types of methods of selling on terms or she doesn't want to sell enough.

Originally posted by @Tyler Richards :

My partner and I have a potential deal in the Jay/Livermore Falls, ME area and the owner of the building is solidly set at $75,000. She has gotten offers in the past for the property, but she has held onto it for over a year and a half. Her husband is deceased which is why she moved out to begin with. We were wondering what the optimal steps were to take to get this property under contract at a discount that would appeal to both parties involved. Would options or terms be advisable? What are your thoughts, any and all help is appreciated.

Tyler,

The best advice I can give you is to find a true Real Estate Investor and mentor/learn from them. Trying to learn on the "fly" will cost you money and possible legal consequences.

Nick