Case Study: How to Beat out Developers in a Bidding War
My clients wanted a single family home in a Beverlywood-adjacent neighborhood for under $830K. Not a big budget in this pricy area. They knew there would not be many options in their price range, and that when one came along they would need to be prepared to pounce...
So when a cute house at 2041 S Preuss Rd came on the market, they were ready. But so were the 16 developers who also submitted offers. No worries - my clients had already received direct underwriting approval from my preferred lender, which allowed them to make an offer with NO LOAN CONTINGENCY that CLOSED IN 12 DAYS. Now one of the reasons this was such a hot property was that it was zoned for multi-units. The developers were all going to tear the existing house down, so the condition of the property was not an issue for them.
But my clients were going to live there, so they needed to know the condition of the property before they could proceed. Yet there was no way the seller was going to accept an offer with an inspection contingency when they had so many offers from developers without it. There was a workaround for this too, and they were able to submit an offer with NO INSPECTION CONTINGENCY while still feeling comfortable that they knew what they were buying. (I'm happy to explain this workaround if you would like to know). My clients were able submit an offer that competed with the big boys - short close, no contingencies, even though they were getting a loan. And guess what? They beat out 16 developers and got the deal!
The lesson? It is possible for the little guy to win. As long as he has the right agent to guide him!😉