Winning a property in Best and Final

[Garison Clemens]

So I want to hear from the BP community.. How have you made your LOI more "competitive" to the seller and broker when sending it in? I know increasing offer price helps of course. But are there any personal touches you have seen that work in your offer being accepted?

Thanks!

[Brian Burke]

Sellers and brokers want to see short due diligence times, substantial deposits up front and perhaps an additional deposit at conclusion of due diligence.  And of course non-refundable earnest money day one (but a lot of buyers hate doing that, myself included). 

They don’t want to see loan contingencies or other escape clauses. 

But the biggest influence is something that isn't in your LOI. It is your relationship with the broker or even the seller, your track record of closing deals without retrading and your general reputation in the industry. Stuff like how many units you own and how many deals you've done in that market really do matter. Brokers and sellers are looking for buyers that will close and not make their lives miserable in the process. That's far more important than terms and often even more important than price.