Today’s housing market is experiencing low inventory and high demand. As a result, bidding wars have become more common which leaves cash buyers at an advantage.
But don’t worry! This doesn’t mean that buyers using financing are out of luck. Moira V., a real estate expert based in Windham, has the best advice on how to compete with cash buyers for your dream home.
Moira has spent over five successful years working in real estate, all of which she has spent demonstrating a clear aptitude for selling and finding homes, whether they be on the coast or in the city.
Prior to working in the real estate industry, Moira worked in the non-profit sector as a social worker, and her experience in that field has lent itself to her incredible ability to truly connect with each and every one of her clients.
Below are her insider tips on how to compete with cash buyers!
1. Get Pre-Approved for Your Mortgage
Getting mortgage pre-approval before submitting an offer is essential! Even if you haven’t found the right house yet, it is important to seek out a fully underwritten pre-approval, which is offered by most mortgage lenders. This means your credit has been checked and your finances have been verified.
With a pre-approval ready to go, you can help sellers feel more confident about your ability to follow through.
2. Creative Contingencies
Being creative with contingencies is one of the best ways to make a more appealing offer when using financing. Looking at the possibility of waiving your financing, sale, or appraisal contingencies is a good place to start. But make sure you talk to your agent about all the possible risks and rewards that come with this strategy.
3. Offer Above Asking Price
Because of the ease that comes with paying in cash, many cash buyers can afford to come in with offers that fall below the original asking price.
A great way to beat out the competition is to make your own offer slightly above this asking price. This is a sure way to stand out from the competition.
4. Be Personal
At the end of the day, sellers are human! Consider sharing a personalized letter explaining why a particular house is perfect for you and your family can go a long way. Just be sure to have your agent check with the listing agent first.
Interested in working with Moira V. as you venture on your real estate journey? CLICK HERE for more information on how to get in touch with her!
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