How Long Should I Wait?

[Holt Morris]

I found a great off market deal on a duplex. The owner lives in one side and rents the other side. After viewing the property and some discussion with the owner about their plans, I gave them a letter of intent and we had a verbal agreement on a purchase price and that they would sell to me. The problem is that was three months ago. We stay in touch every other week or so and I see signs of the progress I am told they are doing to prepare for the move. Meanwhile though, I passed on a good, but lesser deal I could have closed for sure. I keep holding out saying that until I find another deal ready to close, why not keep this one on the line. I do believe that since its owner occupied there is some emotions in play. This past week the owner traveled to look for a new home in their new location and I hope to finally have good news on our next discussion. This is my first off market deal, so I am not sure I am just expecting the speed of buying a listed property or if this is more common when going off market. Thoughts appreciated.