Here are a few tips to help you compete with cash buyers.
As you know, today’s real estate market is nuts, especially for buyers. Many prospective buyers have been making multiple offers on multiple homes and just keep getting beaten by cash buyers. That begs the question: How do you compete with cash buyers in today’s market?
1. Don’t give up. If the home you’re looking at doesn’t work out, move on to the next one.
2. Don’t go past your comfort level in terms of budget.
3. Find out what the seller is looking for. We’ve won many transactions this year just by understanding what the seller’s needs are, which can include things like offering a seller rent-back agreement, a longer/shorter closing window, nonrefundable earnest money, waiving inspections, or even something as simple as a guarantee from your lender that you’re qualified.
4. Write a personal letter to the seller. In the letter, outline what makes their house so special to you and why you’re so eager to purchase it. Appealing to a seller’s emotions could be the thing that tips the scales in your favor.
If you have any more questions about how to compete with cash offers in our current market, please don’t hesitate to call, text, or email us. We’d be happy to help.