A client wrote an offer last week on a Fannie Mae owned duplex in south Minneapolis.
His offer was one of eight.
Needless to say, his offer was well above the list price. Hugely above. And he was going to live in it and put 20 percent down.
He lost out…
to a cash offer.
If you want to invest in a Minneapolis duplex, have good credit and a down payment, but don’t have six figures in cash, what should you do?
I’m going to encourage my duplex buyers to look at short sales.
Yes, they require a great deal of patience due to the amount of time it takes lenders to approve the transaction. However, here are five good reasons a short sale duplex is worth the wait:
I know I’m frustrated with losing out on great duplex investments. And I’m sure my clients are too. That’s why we’re going to be looking at more short sale multi-family properties.