I've been involved in a few multiple offers this week which is a clear sign Buyers are out numbering Sellers. Especially in the multi-unit residential market. Purpose built units are getting some crazy money. If the building's in good shape, some investors are willing to settle for as little as a 5% cap rate.
One thing you should be careful on though is including the right clauses in the agreement of purchase and sale. Clauses such as getting a fire inspection, or asking the Seller to allow you to verify the legality of the use of the building ie: if it's a fourplex, is it's use legal. I had one offer where I was representing the Buyer and of course I included the required clauses and believe it or not the Listing agent scratched them out!
Sure as a Seller, you want to avoid as many conditions as possible, but believe me, these issues will only rare their ugly heads at closing, or NOt closing for that matter and land you in a pile of legal issues.
So if you're in the market for a multi-unit building, give me a call and put my 23 years experience to work for you.
Enough of that. I just want to wish you a happy "Victoria Day" long weekend. It looks like the weather is improving. Be safe, and I'll talk†to you again soon