[plexiform]

Originally Posted by Bill Douglas

From a sellers view point (I've just sold a place). Why on earth would he wait a month to see if you can sell you house. AND lose the other potential buyers. He's just spent a bomb on advertising and other costs so he's not gonna wait around to see if you can get fiance, work out your numbers or sell your house. He wants a good, unconditional offer, right now. Sure he'll listen to you if you are paying way more than it's worth. But generally speaking, why should he do the buyer a favor by waiting for you to do you numbers.

Valid point. I'm new to this and not sure what is a reasonable request for a seller to make. Do you think it is customary for a seller to say that he will not accept an offer contingent on an appraisal value? So if the appraisal says the property is worth $400k less than the asking price, he doesn't think that's a valid reason for the deal to be cancelled? I'm asking because I don't know.

I just don't see a ton of strong offers coming his way, so I anticipate he is eventually going to have to work with someone and let a contingent offer play out with all the associated risks. I could be way off and a serious investor could swoop in and pay a lot of cash and take it. However if my accountant is correct and the cap rate is low and the property is way overpriced, then I don't think there is much risk of that happening. I'm new to this so it'll be a learning experience. Like others have mentioned, in real estate you make your money when you buy at the right price so I am just going to remain cautious this time around and try to get this at the right price.