How To Get A Great Deal On A Minneapolis Duplex

At least one person a month says to a Realtor, “Call me when you find a great deal.”

That’s true regardless of what kind of property that agent sells. It doesn’t take long for the list of people to call gets long.

And it seems when we do find a great deal and start calling, nobody calls us back. Or, at least not with any sense of urgency.

It’s frustrating for Realtors because these opportunities are not only hard to find. They also tend to go quickly. There are few things more frustrating than calling someone with exactly that needle in a haystack and either not getting a returned call or the investor dragging their feet in putting a deal forward.

1. Realize that time is of the essence. When you receive a call, text or email from a Realtor who says they have a deal, respond within an hour.
2. Even if you aren’t in a position to buy, or it isn’t exactly the right fit, tell the agent. Knowing where you’re at, instead of leaving the agent guessing will result in you getting called again in the future.
3. Be willing to commit to the agent. Due to the sheer volume of requests Realtors tend to call the people who have signed some sort of representation agreement with us, have done or sent business to us in the past with great deals first.
4. Have financing available. Great deals typically don’t come with enough lead time to allow for several days getting a pre-approval letter from a bank. What’s more, they often come with issues (like cracked pipes) that a bank won’t lend money on until repaired. Either case can be addressed by simply making sure you either have a line of credit, Home Equity Line of Credit (HELOC), or cash available. Appearing to be a cash buyer (using one of these strategies) will also make your offer appear stronger to the seller. Best of all, you may still have the opportunity to finance the purchase before closing. Your offer simply would not be contingent on your ability to obtain financing.
5. Have a “buy box”. Know what your goals are in purchasing a property, what criteria it needs to meet, and where in the city you’re looking to invest. That way, a Realtor is more likely to call you first when something that matches that criteria comes across their desk.
6. Be clear about your motivation. If you want to buy something in the next year, state that. If your goal is to buy a property sometime in the future, be clear about that too. It will help your agent match his or her motivation to yours.
7. Be prepared to close quickly. Great deals often occur because someone is facing a deadline; with the bank, the city, or even a family situation. As a result, speed is often the difference in the winning offer.

Even in today’s tight market, there are great deals out there. If you’d like me to call when I find one, give me a call. I’d be happy to put you at the top of the list.