ADVICE ON PRESENTING BEST POSSIBLE OFFER
I have deal in place to purchase mutiple acreage and build a subdivision.
This is my first development deal.
The deal is 115 acres for 3 million in an up & coming area. The owner has already had the PUD passed by the city. He was working with another developer and the deal became sour because of bad blood. He just wants as much $$ on the front end as possible and to move on with his life and walk away.
The PUD shows a total of 254 units mixed between SFH & Townhomes.
The owner has 2 other offers on the table. However, I want the deal and would like to present the best offer I can.
Any advice is greatly appreciate!!
[ Edited by Jitz on Date 11/07/2005 ]
Well... I presented the owner of the property with a letter of intent that had good contingencies attached. He would like to move forward with the deal. However, one of the contingincies gave me the "time" to do my due diligiance and the owner believes that "time" is worth something for taking it off the market if I were to pull out.
Is this standard practice with a Letter of intent? I was thinking I would attach some $$ to the Purchase Agreement?
Any thoughts???
you gave them $1,000 up front?? I assume this was placed in an escrow account and would be fully refundable??
Yes it is in escrow.