How would you frame an 8% under-asking offer on this Miami multifamily?

[GoodSignal]

Using nearby asking prices would support a stronger offer, but the lack of enough completed sales makes an 8% discount seem equally defensible. The small Miami multifamily is listed at $1,355,000, needs updating and has spent 28 days on the market.

I am thinking of offering $1,246,600 with financing evidence and flexibility over the closing date. I would point to the renovation risk without producing a long argument over every defect. Before submitting, should I ask whether the seller values price, timing or certainty most? I also plan to retain financing, appraisal and inspection protection for major unknowns, and I do not want the deposit exposed if one of those issues prevents the purchase.

 

[zane_homes]

Submit the number calmly and make the rest of the offer easy to understand. I wouldn’t write an essay defending it with active listings, because those only show seller expectations. Mention the updating required, include financing proof, and offer the flexible closing date. Keep inspection, financing and appraisal protections unless you can comfortably absorb the consequences of losing them.

 

[uma.park]

Before deciding whether 8% is aggressive, ask why it has been on the market for 28 days. Was there an earlier deal, any price movement, or a closing date the seller needs? Motivation may matter more than the percentage. I’d also ask the listing side whether price or terms are the seller’s priority, without expecting a detailed answer.

 

[nia_sage]

I disagree slightly with leading on the updating. Cosmetic work is visible and may already be reflected in the asking price. A stronger rationale is uncertainty: limited closed comparables, condition risk and possible appraisal risk. Present $1,246,600 as the price at which the property works for you, not as a verdict that the seller is unrealistic.

 

[otis.drew]

Keep the response deadline reasonable. Too short can look like pressure, while an open-ended offer leaves you waiting as the seller shops it around. The exact period should fit local practice and your situation, but it should be stated clearly.

Also define “clean financing.” A lender letter or other requested proof supports the offer; simply describing the financing as strong does not.

 

[nia_sage]

Good point on the deadline. I’d separate the initial pricing decision from later repairs too. Inspect first, then request a credit only for major findings you could not reasonably see when offering. If the seller thinks the 8% discount already covers every possible issue, vague language about further reductions may make the opening offer less attractive.

 

[walksAndWay]

Don’t promise in advance that you will ignore everything except a short named list. The expensive unknown may be something nobody anticipated. You can tell the seller your intention is not to revisit ordinary wear or visible updating, while retaining a broad enough inspection right to evaluate the building and its systems.

 

[CandidPath]

The appraisal gap needs a decision now, not after acceptance. If it appraises below the contract price, would you add cash, renegotiate, or walk away under the applicable contingency? Don’t offer an unlimited gap just to make an under-asking bid appear stronger. Set only an amount you can fund without disrupting the updating budget.

 

[ari.brooks]

Deposit exposure belongs in the same calculation. A larger deposit may signal commitment, but only if the contract clearly states when it becomes non-refundable and how the inspection, financing and appraisal provisions interact with it. Those details vary by contract and jurisdiction, so have the actual wording checked rather than relying on a verbal explanation.

 

[iris_rates]

Another approach is to make the first offer clean but not artificially “perfect”: purchase price, proof of funds or financing, inspection period, appraisal/financing terms, deposit, closing flexibility and a clear expiry. No speculative repair-credit figure before inspection. If they counter near asking, ask what supports their number—ideally completed comparable sales rather than more active listings.

 

[compareTheCanvas]

At 28 days, I wouldn’t assume the seller is distressed, but 8% below asking is still a defensible opening if $1,246,600 reflects your limits. Decide your maximum and appraisal-gap tolerance before submitting. Otherwise a quick counter can turn the discussion into small increments until you are paying a price you never supported with completed sales.