At some point or another in your life you are going to be tasked with purchasing a home and the fact of the matter is, you don’t have thousands of dollars in the bank to pay cash so you will need a mortgage. In today’s current market where seller’s have the upper-hand in the negotiations, they are getting easily swayed by all cash buyers as there are no contingencies on funding and closing dates. Sellers can close quickly after inspection and have cash in their account in no time. So if you are in the huge majority who need a mortgage in order to purchase a home, there are some definite things you can do in order to Compete With Cash Buyers and give yourself a better chance at getting the house before a cash buyer does.
If you are going to Compete With Cash Buyers the most obvious and probably most important way to do so is by offering more money either by full asking price or even an amount above asking price. In most scenarios the cash buyers are investors or house flippers so they are going to try and get properties for less so they can maximize their profits. If you can come in with an offer that is better by $10,000+ there shouldn’t be a reason why the seller wouldn’t agree to your offer.
In another effort to Compete With Cash Buyers it is worth it for you to do a little research and see exactly what the seller’s terms are before coming in with your offer. It is beneficial for you to know if the seller wants a quick close or additional time to find a new home. Having an experienced real estate agent who can work to get you all this information can make it seem like your offer is the most appealing to the seller and fits their needs.
If there is a way to Compete With Cash Buyers you need to keep the seller’s feelings in mind 100% of the time and be extremely flexible to almost all their demands. Doing so should tilt the decision to your favor and get you chosen over other cash offers. Let the seller’s determine a closing date or even rent back the house from you if they are selling their home too quickly. Listen, the more you can do for the seller, the better off you look.
If there is one thing that might put your offer over the edge it is the wonderful “As-Is” offer where you will not require an inspection or that the seller fixes any items around the house. Yes you may be taking a gamble by doing so, but you may be able to get around this by bringing an inspector or a family friend with you on a tour of the home so they can do the “eyeball test” on the big items around the home.
As you can see, there are many ways for you to combat the potential cash buyers that may try to swoop in and steal the property you are interested in. If you take these strategies to heart, you can get any property you set your mind to. If you need a pre-approval before going out to view properties, please reach out to me and I will do my best to make sure your loan gets approved once your offer is accepted. Please feel free to call me at 888-900-1020, email at firstname.lastname@example.org, and visit my site www.loanconsultants.org.