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How to Compete with All-Cash Offers When Buying a Home
At Counselor Realty, our goal is to help you get into your dream home – no matter what it may be. Sometimes, the most desirable homes will already be attracting potential bidders. Still, you can reach your goal with any home, even those where other bidders are offering cash.
It's true that an all-cash bid simplifies and accelerates the transaction. However, that doesn't mean your bid is doomed if someone else is offering cash. With the help of an expert real estate agent, you can think creatively and find ways to counter another bidder's advantages.
Here's how:
- Come With a Down Payment
Even if you can't offer the entire asking price up front, a down payment can make your bid attractive. Prepare to provide plenty of information on your finances and employment so the seller knows that no matter what happens, you're a solid risk – even compared to a cash buyer. - Get a Head Start on the Mortgage
The faster you prepare, the better. That starts by going to a lender and submitting everything you need for mortgage preapproval. But that's not the end of the story. You can take other steps: For example, submit a copy of your preliminary title report to your lender to speed things up. - Shorten the Contingency Times
Sometimes, getting a loan approved a little faster is simply a matter of asking. Request that your lender expedite the appraisal of the property: They may be able to cut it down by a few days. It might not seem like much, it can make the difference in this situation. - Pre-Order an Appraisal
Consider this an add-on to the tip above. Smaller banks can set up a property appraisal well in advance, but most borrowers don't realize it. Work with your community bank and you could line up an appraisal for 2-3 days after you reach an agreement with the seller. - Inspect Quickly
A home inspection is separate from an appraisal. It warns you about any problems, like wiring issues, that may affect how you, the buyer, value the home. Though this is essential for your well-being, you should also strive to move quickly so the seller knows you are unlikely to back out. - Pay the Asking Price
Most cash buyers shy away from paying the asking price because of the convenience they offer sellers. Generally, they tend to ask for 10% off the top, though some may go as far as 15%. If you are willing to pay the asking price, you will give sellers a strong reason to take a second look at your bid. - Write a Love Letter
Remember, selling a home isn't all about cold rationality. Many sellers love the property that they are leaving behind and want to see it pass on to someone who'll care for it, too. Write a letter introducing yourself and describing why this is your dream home – it may help!
The faster you move on your home buying goals, the more likely it is you'll find an easy path to the property you want. Counselor Realty makes it simpler with a combination of expert advice and responsive customer service. We will be with you every step of the way.
Contact us to learn more. We're always glad to help.