Buying home in this insane seller's market?

[Hector Salas]

Hello B.P community, my name is Hector. I am fairly new to Bigger Pockets and the whole real estate business. My wife and I, are in search of our first home, in which we will house hack. We are looking at multifamily, or signal family, with ADU or potential to add ADU. Any advice on how to snatch up a deal in these rough times for buyers. Thank you in advance.

[Dan M.]

Hey Hector and welcome. Your in California where market prices are insane so I hear. Ever think about moving to another part of the country? 

Tips to get an accepted offer:

IF ( capital IF ) you know what your looking for in a home you can wave inspection contingency. Sellers don't want to hear about inspections or lose a deal because the inspector found something and waste their time. Sellers want to sell the house for as much as they possibly can with as little headache as possible and as fast as they can. 

You can make a cash offer instead of dealing with a bank for speed of closing. 

You can offer a very high earnest money deposit on contract showing the sellers that if you leave the deal you will leave all that money behind. Its more security for them. 

You can write them a letter with your offer. Let them know your going to start out your new life with your family and this is a way you can live affordably and start your investing career. Talk about you and your wives hobbies and interests. Ive seen deals go to someone who was ex military because so was the seller. Sometimes the seller wants to have peace of mind the property they grew up in for 90 years is going to go to a good home. Its not necessarily all about the money for some sellers.

Offer over asking price. It sucks paying "more" for a property but run the numbers and find out what your max price is worth it to you to start your journey.