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Updated about 5 years ago on . Most recent reply
Deal Contingent on Tenant Eviction
Hello BP community,
First time poster here. I’ve been a listener of the podcast on and off for a few years. My finances are in order now and I’m finally ready to buy (goal: house hack my first deal).
I found a deal recently. It’s a two family, which was listed about $50k below market value in a very competitive and expensive area (Suburban Boston). It was listed through the MLS, and as you can imagine, the first open house was slammed with people.
The house fit my criteria, so I made an offer well over asking (but still makes sense per my financial criteria). I got a response from the seller who appreciated my offer but says the house was taken off the market because they have to evict a tenant. The seller encouraged me to keep in touch with her but could not provide a timeline for when the house may hit the market again. I told her to let me know when they were ready so that we may be able to reach a deal before it is re-listed on the MLS. The sellers admit they listed the property at a low price, so my concern is that if it hits the market once again, the price will reflect market value (perhaps plus a premium given the demand).
I’m looking for advice on how to seal the deal before it hits the MLS. My thought was to offer her help with the eviction (I am not a real estate lawyer). I don’t know what this would look like, but I want to separate myself from other prospective buyers, and still not pay more than my original offer.
Anything would help! Thanks for reading.
-Nate