Cash buyers bring a sure thing to the table for home sellers, and it can be tough to win out against them when you compete for a house. However, when the market favors sellers and you don’t have the cash to compete, you’ll need to raise the bar on sweetening the deal to appeal to the sellers in another way.
Read on as we explore five ways to compete with cash buyers in New York, New Jersey, Pennsylvania, Ohio & Delaware.
One way to compete with cash buyers in New York, New Jersey, Pennsylvania, Ohio & Delaware is to understand the motivations of sellers. While some sellers have their eyes on the cash and their biggest concern is the bottom line, others may have a timeline pressuring them to sell quickly. Keeping these things in mind, you can construct your offer to appeal to all possibilities and stand out far beyond others. Your extra efforts to meet the desires of sellers and preparedness in the presentation of your offer aren’t likely to go unnoticed,
To be fully prepared to compete with cash buyers in New York, New Jersey, Pennsylvania, Ohio & Delaware, one thing you can do is to have upfront underwriting. When you don’t have the cash to purchase a property, having the underwriting processed before making the offer will assure the sellers that financing issues from the buyer will cause no problems or delays. It also tells the sellers just how serious you are about buying their property to help you compete with the cash offers they have in hand.
Above Market Offer
Money talks, so if you want to be the loudest offer on the table, come in with an offer above the asking price to compete with cash buyers in New York, New Jersey, Pennsylvania, Ohio & Delaware. In addition, you could add an escalation clause to your offer, meaning that if a higher offer than yours comes in, you are willing to automatically increase your bid by a fixed amount, such as $1000 more, up to a specific limit.
You can take other steps to compete with cash buyers in New York, New Jersey, Pennsylvania, Ohio & Delaware, such as making a larger earnest money deposit than requested. You can also let the seller know that you’re willing to work with any third-party vendors of their choice, such as the escrow or title company. You could also set an upper limit from the seller for credit on any repairs if the inspector discovers any issues during the inspection. Another way to appeal to sellers is to be flexible with taking possession of the property. They may need time before their next home is ready, and your willingness to lease back the house, saving them an extra move, could be the golden ticket to attaining the home of your dreams. Of course, removing contingencies can be risky, so if you’re offering to purchase the house as-is, be confident that you have a team of professionals you can rely on for the results of your quick inspection and appraisal.
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