Have You Heard the Phrase…”Give Us Your Highest and Best”…? How About 22 Offers on this Bank Owned Four-Plex…
A client of mine was one of the parties that made an offer on this 4-plex. I won’t say how high he and his group bid, but trust me it was up there. After viewing it on Sunday, we submitted our offer the next day, this past Monday, Jan. 14th.
The Listing agent noted in the original listing offering, that all “offers would be presented at 9:00 AM” on the 16th”.
While this week had gone by quickly I had our offer in the back of my mind because we did make a very strong offer. Here’s a copy of the “update” note I got from the listing agent late this afternoon. It was sent to all that made offers…
ALL AGENTS. I wanted to keep you in touch with what is happening with this property. I did receive 22 offers on this fourplex. Most were considerably above list price. These offers were presented to Bank of America yesterday. At this time I am still waiting for the Multiple Offer/highest and best form from the Asset Manager. I will forward this onto everybody as soon as I receive it. Phil Hodgkins Prudential NorCal
Now that you have seen how hot the market is and because almost every thing in this area is getting multiple offers… How much would you offer…?
Fixed Up: This complex should rent for $750 each unit = $36,000 per year Gross Annual Income. If you calculate it would cost you $10,000 per unit to “fix up”..? What would you pay for it going in…?
I’ll keep you posted and let you know what happens.
In the Mean Time…?
Make it a Great Day…!
Ed Favinger, Broker, CRS, GRI, SFR, CDPE