So you’ve finally found it. The home of your dreams. You’re ready to make an offer. You’re excited and then bam! You get the notification that there has been another offer – and it’s all cash. I am here to tell you that you may be down, but you’re not out.
Here are the 4 biggest steps you need to take in order to be competitive against a cash buyer. Trust me on this, you’re still in the game.
Make a Stronger Offer
Making a stronger offer is all about getting noticed. Money talks, so you’re going to have to find another way to get your foot in the door. There are several ways you can do this. First, you can offer more money than the asking price. The only thing that speaks louder than cash is more cash. Second, you can write an offer that demands less. Showing the seller that you are much easier to work with will go a long way.
Write a Love Letter to the Seller
I know, it sounds cheesy. But sometimes it works. Let them know earnestly why you love this home, need this home, HAVE TO HAVE THIS HOME. A sweet story may win the hearts of the sellers. After all, the sellers were once the buyers too. They may hear you out.
Never Give Up
There’s no doubt that cash buyers have a lot of power. And one of the ways that they wield this power is by skipping the banks, sidestepping a ton of escrow procedures, and making lots of demands. They know that they can usually back out of the deal easily if their demands aren’t met. And if these demands go unmet, the cash deal may fall through. So never give up. You may lose the home to a cash buyer initially, but don’t be surprised if you get a call from the sellers a few weeks later asking you’re still interested in buying their home!
When you’re up against tough competition in the buying sector, it’s so imperative to have a good real estate agent on your side who can get your offers noticed. I know how to navigate all of these situations with ease.
If you’re thinking about making a move and need some guidance, I can help you through the process. Let’s chat!