Competing with Cash - 9/4/2011
It's not fair! 29% of all sales made in June and July 2011 were cash. How does a buyer who needs a mortgage compete with a cash buyer?
You've been looking for a home for months after thinking about it for years. You've found the home you want and meets your family's needs. You write a contract but before it's even presented to the seller, another offer comes in. With all the homes on the market, you'd think you wouldn't have to deal with multiple offers but you'd be surprised how many times it does happen.
There are some proven strategies that can minimize the advantage of an all-cash buyer.
- Get pre-approved and submit the letter from the lender with the offer
- Move fast to minimize competing with other offers
- Submit larger than normal earnest money to show your sincerity
- Be flexible about closing and possession
- Avoid unnecessary contingencies in the contract
- Write a letter emotionalizing why you want the home