You finally found it.
It’s the perfect house for you to buy. It’s a perfect flip, buy-and-hold or even medium-term flip.
Your long search through MLS, hundreds of direct mailings, phone calls to absentee owners and even driving for dollars – all that work has finally paid off.
It’s awesome. The asking price is even below your MAO (Maximum Allowable Offer.) You can’t believe your good fortune.
Except there’s one problem…
You’re not the only one who’s interested in this magnificent piece of real estate.
As it turns out, there’s no less than a dozen other investors all vying for the same property. You enter your first offer and it’s quickly rejected. You feel like you are on the brink of a bidding war.
So what can you do?
Unconventional Offer Strategies
When you’re the only one bidding on a piece of property, it’s an ideal situation. If you’ve done a lot of direct-mail marketing and have contacted absentee owners who are willing to sell, chances are you’re the only one who’s bidding on the property.
In this case, you can influence the seller to meet your own needs. But when there’s multiple bidders on the same house, you don’t have that luxury.
This is when you need to think and offer unconventionally…here’s a few tips on how to do just that.
1. All Cash Offers
When you’re selling a property after the rehab is complete, a cash offer is often more appealing than a finance offer – no need to worry about financing contingencies, banks and all that. Cash offers are king!
The same hold true here as well. If the seller wants to accept an offer that has a higher likelihood of not falling through, all cash offers are the best.