Advice for acquiring a deal

[Yangyang Jin]

I would like to get advice how to be more successful in acquiring deals in the future. A seller accepted my offer for a 2 unit property and the attorney review started. However, it took a long time for the seller attorney to come back to us to close, when they finally came back, we were informed they were negotiating with another deal while not replying to my offer. The better deal is- all cash, close in 2 weeks, they take the house as is and no inspection required. I tried with a counter offer with higher price, but did not win. What are people thinking when they offer all cash? Are they trying to secure the deal first and then do a cash out refinance? I just can't think of any logical investor wanting to lock that much cash in a property.......

[Nate Sanow]

Sounds like a bummer. Yes, oftentimes I find investors will offer in cash and then switch to financing before close or on the refi after. 

Rejected offers are part of this business. The trick is to make more offers and keep your head up. Also finding sellers who are really motivated; either property that has sat on the market awhile or is maybe off market or an agent that brings a pocket deal. 

Best wishes to your success