Pissed Off, Bidding War. Help

[Joseph Tarallo]

I am currently trying to purchase a fully occupied investment property with the lease effective until 2015, 2 family dwelling. You can only purchase a investment property that is 2 family in the state of NJ with a minimum of 25% down. The reason I am furious is because I am in a bidding war against someone else who is only putting down 5%! I keep upping my offers when I feel like I shouldn't have to. This deal is a bankruptcy so I guess the trustee is not aware of the rules or he just doesn't care. I'm assuming the other purchaser is buying as a primary residence which is why he's getting a mortgage with 5% down.

[Rick H.]

Joseph - Geez, even your BP photo you look pissed off.

It's impossible to solve a problem from the level of the problem. I think that's a quote from a bright German guy at Princeton (Einstein).

You have my permission (?) to take a day off and take a drive or go fishing; something that will give you distance between the obsession to get this house away from this buyer. The only thing you'll get from a bidding war is old and broke.

I'm a niche marketer. I don't participate in auctions unless I'm divesting assets as a seller or attending a trustee sale (foreclosure auction) in CA in order to protect a price or perfect title.

I suggest you deal with the "Why Joseph doesn't attract the right kind of opportunities" part and forget about a deal that's becoming a distraction for you. And, don't waste your energy getting pissed at my advice. It ain't worth it.