Multiple Offers Still Going On…
I had the opportunity of working with a couple of investors that made offers on a couple of Duplexes for sale in our region. One of the Duplexes for sale was at 4932&4934 Saddlerock, Sacramento and the other Duplex for sale was located at 2641 Capitales, Rancho Cordova.
In both instances the Sellers received “multiple offers”. The buyer on the Saddlerock Duplex actually made an offer well over list price but didn’t get in 1st position. However, they were later able to get into escrow with this property after the Buyer with the top offer withdrew from the deal.
Sometimes the 1st offer in doesn’t complete the deal.
The other Duplex for sale on Capitales had 5 offers and we wound up on top with that one. Interestingly in that deal the Listing agent told me that out of the 5 offers, 3 of them were prospective “owner occupied” purchases. I think you’ll see as prices of single family homes go up, folks will turn to this option, live in one side and rent the other.
In both cases we were required to have a Lender Pre-approval letter and Proof of Funds. Proof funds is important because if you are going to compete with “cash offers”, you have to show you can pay the difference if the appraisal doesn’t come in at the Sale Price of your offer.
So if you’re thinking of Selling, Buying/Investing get in while the rates are still low and don’t be disappointed if you don’t get the first deal you make an offer on.
In the mean time…?
Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR, CDPE 916-203-1260 firstname.lastname@example.org
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