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Updated about 2 years ago on . Most recent reply
House hacking and competing against cash offers
Hello!
I'm a newbie investor/ first time home buyer and I put my first offer on a duplex yesterday located in Rochester, NY! Purchase price was $200K; my offer was $200K with an escalator up to $210K and 3.5% down FHA loan. Unsurprisingly, I did not get it. Are there any tips/suggestions for putting in offers when I am competing against cash offers, larger investors, etc?? This house was a delayed negotiations and received 12 offers. Rochester has some sketchy areas with extremely high crime rates, so the houses that are in "better" areas go fast. Being that this home will likely be an owner occupier for some time, I want to be in a safe area. Any respones are greatly appreciated!!
Most Popular Reply
Might want to look at the HUD Site for your area. It gives more preference for non-cash buyers. If you are competing against cash offers then purchase price is really all you can do besides waiving inspections but I don't really recommend that. You will take an initial loss but there will be a point where it doesn't make sense for the cash buyer.