When my clients are in the market to buy a Minneapolis duplex, they spend hours on the Internet, pouring over photos, and often, falling in love with a duplex they can’t buy.
It isn’t because they can’t afford it.
It’s because the duplex is like a married man.
When a Minneapolis duplex seller receives an offer on his property, he generally doesn’t want to advertise it as being sold until the buyer has removed all of their contingencies. Contingencies are essentially, “I’ll buy it if…” conditions.
For example, “I’ll buy it if I don’t find anything too horrifying in a home inspection that you won’t fix or pay for,” is a contingency.
In today’s market, the most common contingency is, “I’ll buy it if your bank agrees to sell it to me for the price we agreed on.” Of course, this “if” can take months to answer.
And while the seller is waiting for that answer, he usually doesn’t want to lose out on getting any potential back-up offers from other buyers. After all, sometimes short sale buyers often grow tired of waiting and walk away from the purchase.
Knowing that, many of my clients want to go see these duplexes, in spite of their “already have an offer in at the bank” status.
I will oblige them, provided they understand that seeing a duplex that’s essentially sold, is kind of like dating a married man and actually expecting him to leave his wife.
In other words, my buyer falls in love, and spends all of her time wishing, waiting and hoping the deal will fall apart rather than moving on and finding a duplex that’s not only right for her, but actually available to be purchased.
The truth is, almost all of my clients move on to find another great duplex.
(I must admit, I’m a little concerned about of what that says about their dating histories!)