Small park listed with an broker / agent. We sign an LOI and get no response from broker/agent for a few days. Then finally get a call. The agent was able to contact the seller who is out of the country. Said the seller is in touch with their partner and the offer looks decent.
Agent says they should have a decision by the beginning of the week (now 2 days past due, and almost 2 weeks since the LOI).
I would like to purchase the park as it would work well for me starting out in this sector.
I have told the agent that time is up and I am ready to move on. Every indication is the issue is the seller or partner and not the agent dropping the ball.
What can I do other than wait for an unknow amount of time before they act on my offer?
I have heard some buyers start reducing their offer until they get a final answer. Maybe the lowering offer would spur action by the sellers / partner.
Just perplexing. I understand that someone may be unavailable for a few days but we are well past that now.
I would guess the seller is not serious about selling. If they really wanted to sell, they would be more aggressive. Either your price is not enough to make them happy or they were just fishing hoping to find a sucker willing to pay an extreme price.
There isn’t much you can really do but keep following up with the seller. Do you have reason to believe the broker that the seller is out of the country? The broker really has no reason to lie to you. Take his word for now and move on and find a new deal. If the offer is enticing and works for the seller, you will hear from them. If they want to counter, you will hear from them. You can’t really force anyone’s hand.
You could lower your offer, but I don’t get how that gets anyone to move faster. If someone was in a bind and needed to sell the asset, sure, that may get them moving. But if they have no real ‘reason’ to sell, that’s not going to get them moving. The broker will just go find another buyer.
Offer FULL price and when DD is ongoing reduce if their are situations that cost money, Most parks have backup offers for FULL price—it is a SELLER’s market.