All Forum Posts by: Aliyah Conley

Hi everyone,

I have been holding onto a deal where I was supposed to close on a duplex in November 2017. The owner of the property had some janky title issues going on where someone else's name was on the title yet had no ownership of the home. Long story short...the person whose name was on the title was not cooperative and we have since had to take legal measures to do a quiet title action that wont be completed until mid August.

I am very interested in the property and it's in a GREAT location. Which is the primary reason I have been patient on waiting. I was even so interested in the property I overbid by $5000 to beat out other buyers. Yet, since I have been waiting patiently there have been pipes that busted inside of the home during the winter when it got too cold and ruined the flooring (all of it will have to pulled up and redone).

My question is...how do I get the owner and their agent to go back to original asking price? Can this be done? Is it tacky to ask them to do so? Should it be common courtesy at this point? I've been waiting 9 months by the time August comes and this has really put me in a bind in other ways. My agent also said they are only willing to take off $500 for the damages which wont even cover the materials for the flooring. I am not trying to walk away from this deal if at all possible.

Any advice or suggestions are greatly appreciated!!

-Aliyah

@Parrish Weaver I've never even heard of NACA before. So thanks so much for that insight and suggestion!

@Matthew A. Thanks for your input. I have never thought about doing it like that. I'll keep that in mind for future reference, thank you. Have you had any experience doing this before? Did they typically choose your cash offer or your financing offer?

@Jorge Ruiz  yes I have an emergency fund seperate from what I have been saving. Thanks so much for your input. Have a great day

@Alexander Felice I definitely considered that...paying in cash and then financing it, being a newbie at this I didnt know if that was typical or if I was thinking crazy. Thank you for your input. 

@Isiah Ferguson thank you! I definitely leaned on advice from you and a lot of others and submitted my cash offer. And I definitely agree getting financing is difficult...especially with me still being in college and not much to offer or show that I'm worthy of this loan. Thanks for your input.

@Ron Flatt awesome!!!! Thank you and thanks for the breakdown as to how you're justifying asking for a larger loan amount

@JD Martin thank you!! I'm highly considering it especially if it will make the bank jump at the offer....forgot to mention in my initial post that this was a foreclosure. 

@Michael Lucero very true! I was looking to offer cash because it's such a great deal that I know other seasoned investors would be interested in purchasing. The listing price vs. what I intend on offering would still leave me with enough for a bank to provide a loan...maybe even using the investment as collateral. 

 It is a duplex surrounded by 4 other duplexes  on the same side (1 rented, 1 just purchased yet vacant, 2 vacant - boarded up, maybe to be foreclosed on soon) . But I figured I had some room to wager with cash considering the listing price is low and the surrounding units vavancy. I'm not sure...if this is enough information or exactly what you had in mind as "enough information". I'm a newbie at this and can provide more info to anyone who can help me come to a conclusion and maybe even help with what room I have when making an offer with cash. 

@Connor Heim thanks for that advice! I'll do more research on delayed financing. :)