Full asking, on terms.
A nine-unit multifamily that three cash buyers had bid $3.2 million on. We closed at the seller’s full $4.2 million asking price, sized to the 1031 exchange she was buying into.
The situation
The listing had been on market more than six months and had turned away three cash buyers, the strongest at $3.2 million. It wasn’t overpriced. The seller was a physician exchanging into net-leased medical office, and a discount at closing was a permanent hole in the replacement property.
The structure
A new first-position loan underwritten to the rent roll funded $1,890,000 at closing, clearing her existing $200,000 mortgage. She carried the remaining $2,310,000, documented inside the ownership LLC at 4.5% over five years rather than recorded as a second lien.
The outcome
Closed in forty-seven days at her full asking price. Roughly $1.48 million went to her qualified intermediary, she completed the exchange inside her 180 days, and the listing side was paid $273,000 at the table.
“I’d never written an offer like this one and I told them so. What I had done was bring my client three offers she wouldn’t take. They closed at her number, they didn’t come back at me in week five, and my commission wired the day of. That’s the whole review.”