All Forum Posts by: Christopher Oyenuga

Thomas,

That's a great point. I have a set budget purchase and improvements, the offer I placed is under that and there is still a great spread that can be achieved. My understanding is that this would not become a bidding war - they would receive all of the bids (disclosed) and choose on the best deal they want.  

Thanks for the advice!

Thanks Lisa,

The situation is: The house was placed on the market yesterday. I submitted an offer this morning and was advised by the seller's real estate agent sent an email notifying me that I have 48 hours to provide my best and final offer. They did not accept any offer, just stated they have multiple offers.

How's it going everyone?

I'm looking to close on my first investment property, but the seller has come back with a highest and best offer request. As you may know, there is a 48 hour requirement to respond. 

Besides the escalation clause, does anyone have advice on how I should approach this deal, while ensuring that I'm not paying too much?

Thanks in advance!

-Chris 

Hows it going BP? New to BP other than viewing the Podcast. I'm still new to real estate and consider myself in the education stage. I recently moved to the Augusta, Ga area from Northern Virginia and I'm originally from Boston, MA. Coming from saturated and expensive markets, I was very impressed with the low purchase prices of homes in GA.

I recently purchased my first property with my fiance in February. I paid close to asking price, but it was the perfect property for us and we were tired of looking at the same old same basic ranch homes in fair neighborhoods. As I'm looking to expand my portfolio and have found a property rental property which will provide cash flow and is about 30k under the actual value.

I have two main questions: 

1) How much under the asking price should I offer?

2) What lending options should I consider? I could pay 20% down for a second home, though this isn't preferred.

Any other feedback?

I don't want out miss out on this one

Please advise.

Thanks for the support. 

Christopher A. Oyenuga