Tips for competing against other buyers

[Wesley Myers]

Purchasing properties in a vacation destination has its challenges. What tips do you have for purchasing properties specifically when you’re up against other investors? I know cash is king but we don’t have that luxury.

Living in our target market helps because we’re able to view the property quickly. What about motivated sellers? Easy way to find out if they’re trying to unload it quick? 

I foresee this becoming more of a challenge in the near future if prices dip more. 

[John Underwood]

Don't waive inspection, financing or appraisal contingencies like many were doing during the height of the buying frenzy. People were having to make up the difference when the house didn't appraise high enough. 

Be patient and make a lot of offers for what makes sense based on the numbers.

There are people coming out of pocket to make mortgage payments because they paid too much.

When they ask for highest and best I say you already have it. Don't get caught up in a bidding war. I like to be the only offer.