When getting ready to make an offer on a home that you like, one of the more frustrating things to experience is another buyer offering fully in cash. You may think that your chances of buying this home are dead in the water, but that’s not always the case. It can seem like an uphill battle to win, but that doesn’t mean you should give up on a home if you can see yourself living there. Hiring an experienced realtor will help get you started in the right direction so that you are prepared for any bidding war type of situation and are more than ready for anything the market throws at you. There are still options for you to win bids against cash buyers when you’re obtaining a mortgage, check out how below.
Get Started on the Mortgage
Contact your mortgage lender and try to move along the approval process as fast as possible. Make sure that all of your documents are in order and you’ve got copies at the ready. Find out about any programs to speed things up. This will help show sellers that you’re truly serious about making an offer.
Speed Up the Inspection
In some circumstances, buyers decide to waive an inspection, our team doesn’t recommend this type, but at the end of the day, the buyer makes the decision. If your offer is accepted and you opt for an inspection, make sure that you have a quality inspector at the ready to get in and get out with a detailed report of the home. Once again, this will show the buyer that you’re serious.
Make a Bigger Offer
Oftentimes, buyers paying in cash receive a discount because it’s a more sure thing. To help your odds, consider paying a bit more than the market value for the home. This could intrigue the seller enough to consider your offer and at least open the door to a conversation.
Build a Relationship with the Seller
In the past, buyers have written letters to the seller, hoping to get to know them better. While this won’t work for everyone, ask your realtor if it’d be appropriate to write the seller a letter telling them what you love about the home. Many will appreciate the effort and that their home will be in good hands heading into the future.
Be Flexible with the Sellers
Depending on the situation, this can be the most important tip. In the current market, the seller may be having trouble finding a new place to live themselves, so if you can give them some additional time to get settled in a new home. If you can wait a bit longer for your dream home, it could make the difference!