How do I get the asset manager to like the offer.?

Kjersey
Home Buyer
Hemet, CA

I've recently just been rejected on the 4th offer. The asset manager(s) do not like the cash offers. We are getting a loan from my father in-law, and payment of loan goes into a trust for my husband. How can we make the offer more likeable for the offer to go through. The last two houses we lost we were the highest offer(cash)?

Answers (2)
Pamela Seley
Agent
Temecula, CA

Are your proof of funds liquid? In other words, you are saying you are making cash offers, but you just mentioned you are getting a loan from your father-in-law and then the payments go into a trust. Do you have to get the loan first before you have the cash? If that is case, then your offer is not truly an all "cash" offer. For example, many buyers think money they have in mutual funds accounts are cash. This would not be considered equal as cash to an asset manager because it takes time to get the money out of the account, and there may be restrictions. In other words, the cash is not readily available. This may be how your offers are looking to the asset managers -- that you do not have the cash readily available, that it would take time, as in getting a loan. Along with that, if your offers are below asking price, or market value, then you aren't going to get the asset managers to like your offer either. Depending on the property, even cash offers in this current market have to be market value, or very close to it, and little to none seller concessions. Good luck.

Tue Jul 21 2009, 22:54
Dot Chance
Agent
Studio City, CA
FIRST ANSWER

Kjersey, have you had your agent run the sales comparables for you? The asset managers still want current market value for their properties. Cash does sweeten the deal, but they want to get market value.

Best of luck to you - I hope your agent can get your deal through for you!

Web Reference: http://www.DotChance.com
Sat Jun 27 2009, 22:33

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