Want To Buy Empty Duplex - Unmotivated Seller
Would like to buy an empty duplex for at least 10% below FMV but so far my two low-ball offers (60% and 65% of FMV) have been rejected without even a counter-offer. Perhaps I was asking for too much off. I need to live somewhere else, so it makes sense to "move fast" on this duplex - so that I can move. The owners have it listed for sale with one agent and for rent with a property management company. I am looking now not to low-ball but to buy the duplex for 85-90% FMV in a low/no-down situation that will allow me to move in a few days. Talking with the young real-estate agent isn't helpful....Can anyone clue me in on how to get the seller, who owns free-and-clear this and another duplex (they're trying to sell this too), to sell in such a way as to allow me to move in now? Thanks, in advance.
It's all a question of motivation. Obviously the seller isn't motivated...you are. If someone doesn't need or want to sell that bad, he will hold out for full (or close) asking price. I sold a duplex myself in this type of situation. I wanted to sell it, but I wanted a certain profit out of it. If I didn't get it, I wouldn't sell it. It took me nearly 9 months to sell the duplex, but I got out of it what I wanted. I didn't NEED to sell it, so I didn't accept the multitude of creative offers that came my way that were for less bottom-line profit. The offer I finally accepted was actually for more than my asking price, with some cash back at closing. It was a win-win for us both.
[addsig]
Unmotivated seller - you should move on.
Find a different seller.
Stop putting yourself under pressure because you need a place to live. This will lead to a deal that is not very good. Rent for a period while you find a dream deal. Move after you have the deal done.
John
[addsig]
2 offers...
Make 100 more and then come back and tell us of your results.
To Shirley, John, and Hibby76:
Thanks for your insights, all of you. Shirley, how did the buyer of your duplex end up with cash at closing? Did you finance a portion of the deal so that the buyer ended up with more than 100% financing?
To Active_Re_Investor, John of Beaverton, Oregon: You mentioned in reply to another member that you could recommend a mortgage broker (who does nation-wide work). Can you do so? I also found some difficulty finding a good one. Thanks, in advance. Chris
If you really want the property. I would find a different agent to write the offer. Have your agent ask if they can submit the offer to the sellers. Good Luck