All Forum Posts by: Neil Da Silva

Is this property in the US? For this post, I'll assume yes.

You say it is a 6 unit property. Are you already qualified from a commercial lender? And you have shown your POF and pre-qual letter to the seller's agent, right? You won't be able to walk into just any bank and say 'I want to buy a 6 unit' because the majority of banks originate and sell their loans to a GSE. So they can't finance your 'deal'.  I'd bet the seller's agent knows this. The seller may well tell their agent to ignore any offer without some lender vetting of the buyer, especially with a 5+ unit property. BTW, I do exactly this, giving my broker instructions to ignore posers and lookie-loos w/o solid documented buyer capability, when selling property through a broker.

Neil Da Silva I'm just guessing here but a picture and hand-written letter probably won't help a property that's been on the market for 2 years. You may also be staring at the MLS version of Zillow's "Make Me Move". Not to mention in an increasing market they could be content to *try* and wait until the market catches up to their price. Why would an agent do that? For two years? Who knows. For what it's worth, it sounds like you're more emotional about buying than they are about selling. Make your "best and final" and move on. Check-in with them in 30 days, 90 days, etc. Odds are the property won't have sold.

Howdy @Neil Da Silva

I like sending hand written follow up letters.  In your case I would not keep beating my head against the brick wall.  Just have your agent tag it for future status changes and move on.  Once a quarter you can send a pleasant follow up letter restating your interest if you want.

Bottom line is you have your price... they have theirs...  no deal ... move on to the next opportunity.

Hi @Neil Da Silva,

Were your offers fully written up and including POF etc? If not try that because it is harder to turn down a full ready to go offer than a verbal one. Next thing I would try is to put a nice long Life of offer on it. So give them 2 or 3 weeks to mull it over as opposed to a 24 hour one. On a hot property use a short one so they have to commit, on a property that has been on the market for 2 years, go ahead and give them time. I would guess the seller is not really motivated so time pressure won't work. However sometime during the next 2 weeks they may just decide to dump it.

Keep in mind the agent is going to be shopping your offer around for 2 weeks, but hopefully if something else comes in they give you a chance to up it. Since it has been on for 2 years they may have no one serious. Keep in mind though they may have someone else that has a standing offer. If you two are in the same ballpark, they may decide to put you two into a bidding war.

@Neil Da Silva 

I agree with @Jennifer Jacobs about the sellers holding the listing agent back. It can be twofold. The agent can be giving the sellers false hope to pull a lot more money out of the deal than what can be taken out of it, or the sellers have their eyes out of the range of reality. Either case, you may not be getting through to the sellers/agent since they are priced so high out of ballpark they may take any offer you submit as an insult, or not even listen to you.

There will come a time where the sellers get the right buyer(s), or have to drop the price to meet the market rate; because the market is the market is the market. You cannot sell a home for more than the market rate if market rate is lower than ask. This maybe a great deal, but I suggest to keep your eyes on it and look for other deals in the meantime.