Outgunned for duplex in Scorching Hot Dallas Market

[Sally Peltz]

After looking at overpriced duplexes in Dallas, I found a great property that had been on the market 3 days. I put an offer on it for full asking price which was unusual for me since I usually start lower than asking. My strategy was to use the inspection report as leverage if I needed to reduce the price. On day 4, the seller had 3 cash offers and accepted the one for full price with a 10 day close and no appraisal. My offer had traditional 30 YR financing with 25% down. We are getting pre-approved vs. pre-qualified from the bank. My next choice had 8 offers with less than 5 days on the market, CASH won the contract. Any other ideas on how to compete for properties?