Up Against Cash Buyers….Now What?

When the market is hot, the fear of having to compete with all cash buyers in certain price ranges might deter some potential buyers from making an offer on their dream house. While all cash offers are appealing, it isn’t the only factor that sellers consider when accepting an offer in a multiple offer situation. Here are some tips that will help, when you are not a cash buyer but might be competing with one:

Get pre-approved from a qualified lender!
Having your loan pre-approved will give you the strength and confidence in this market that you can close quickly….and be able to prove it. If you are not already working with a lender, we can provide you with our preferred lender list. Having a great lender on your side can help you make that strong offer and be ready to buy a home! We can even have the lender contact the listing agent to confirm your strength as a buyer and their ability to successfully close the sale without complications.

Know what the seller wants!
When preparing an offer, a good agent by your side can find out what is important to the seller. Don’t always assume that price is their only motivating factor. Maybe a fast close with lease back for a certain time is important, or the seller having a contingent offer on a replacement property is necessary. We can help find out what drives and motivates the seller and cater your offer around their needs to make it, again, a strong offer.  If you can present an offer that is tailored to what the seller wants, your offer becomes more appealing.

Make your offer personal!
Selling a home can not only be the biggest financial transaction of someone’s life, but it can also be one of the most emotional to them. While getting top dollar is great, some seller’s are just as interested in knowing their home is going to be taken care of after they have left. Sending in a personal letter with your offer can sometimes go a long way to making your offer stand out, even if it’s going up against an all cash offer. We encourage our buyers to include this letter with every offer, whether it is competing or not, as it is always nice to put that personal touch on your offer for any seller.

Best offer FIRST!
When you find THE home for you, don’t mess around! If you love a house, are serious about buying it, and know there are other buyers interested, don’t waste time trying to negotiate…as this is the time you know you will be thrown in with multiple offers. Be up front with the seller and give them your best offer right off the bat. Doing this the first time helps show the seller you are serious and are ready to get the deal done and we can provide some solid ways to make your offer top notch!

Best offer but one that is within reach!
Just because you love a home and just because you are competing against all cash, doesn’t mean you should overextend yourself and offer more than you can afford. We, as your agent, can help advise on the best offer to make but one that will keep you within your budget and can advise on offer price that will match appraisal for your lender. Let your agent help do the research before making an offer and understand that you shouldn’t go above your means.

These are just a few tips that can help when competing with cash buyers or really, any buyers! When you find THE right home, the offer process can feel overwhelming but with THE right agent on your side- we can help make it a smooth process and be with you every step of the way! Remember knowledge and experience is not expensive, it’s priceless!