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?

[Account Closed]

@Sally Peltz,

Here in Dallas you have a lot of cash buyers who will pay the full asking price with no contingency with very quick closed. With bank financing, you are looking at 30 to 45 day closed and there are some that might accept bank financing with a 10% non refunding deposit in their escrow.

Joe Gore