Question Details

Jamie.nagle, Home Buyer in Butler, PA

I keep trying to buy investment properties.

Asked by Jamie.nagle, Butler, PA Fri Mar 28, 2014

Every time I find a property, no matter how long it has been on the market, it has multiple offers with in a day or two. My theory is that the selling agents have investors that have them sit on offers until others come in. is this legal or ethical?

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3
Jamie.nagle’s answer
My offer was all cash with no contingencies and closing in 30 days. The discouraging part about it is the ones I have put offers in for have sat for at least two years with no activity.
I have switched from the agent I was using and found a new one that gets me quick response times. I have purchased one small home already. Really looking for a multi-plex, which I understand a lot of investors are also. Thanks for your responses.
0 votes Thank Flag Link Fri Mar 28, 2014
The investment real estate market is very active; there are many investors looking for places to invest their money now. Multiple offers are not unusual! You must be very aggressive and write strong offers to compete: All cash, 15 day close, no contingencies. These offers are what seller's are looking for.
0 votes Thank Flag Link Fri Mar 28, 2014
Jamie - the market in PA may be slightly different then Connecticut but investment properties - usually short sale homes, hud homes, foreclosures etc. come on the market at under market value - which makes them very very appealing to buyers. That being said before a house is assigned to a local agent may people are already well aware that the house has been under financial stress. With websites out there people can become more savy about listings that are coming up on the market as short, or foreclosures.
I too have felt the pain of putting yet another multiple offer on a property, no buyer wants to hear multiple offers - but from the other side of the equasion that means the market is rebounding, and rebounding rapidly. This is a great time to align yourself with a good agent in your town to help keep you on the cutting edge of the real estate market so you can be the first one in the door.
Good luck!
Keri Watkins
Coldwell Banker CT
0 votes Thank Flag Link Fri Mar 28, 2014
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