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How To Look Good Against Cash Offers

by Real Estate With Maghielse & Company, LLC 03/22/2019

In real estate, cash is power. It’s not exactly the amount of money that you have been approved for by a lender. This type of “cash” is what you can pull directly from your account to buy a property on demand. It can be difficult to compete with cash buyers especially in tight real estate markets. Below, you’ll find some tips to help you match up against any cash offers that you may be competing with when you buy a home. 

 

Make Your Offer Look Attractive As Possible

 

First, you should always have a pre-approval letter from your lender. This lets sellers know that you’re a qualified buyer. You should also get your lender or realtor (or both) to provide some financial information about you along with your offer. This helps to add to the case that you’re a dependable buyer.

 

Let Things Move Quickly 

 

 

If you allow your lender to send an appraiser to the property as quickly as possible, this will give you an advantage in the home buying process. You want to reduce the amount of time that it will take to close on the house. That means you should consider cutting down on both the appraisal and contingency time. You could even consider waiving any contingencies if you feel comfortable. 

 

To speed up the process, even more, you should pre-order an appraisal in advance. You can do this before your offer has even been written. It can be difficult to arrange this, especially with larger scale lenders, but it’s always worth a try. Once the offer is written, the lender can relay to the seller that an appraisal has already been scheduled.

 

You’ll also want to get the inspection done fairly quickly. You only have a short window of time to get the inspection done. The quicker you get this done, the more serious of a buyer you appear to be. You should have the inspector who you’ll use ready before you even put an offer in on a home in order to expedite this part of the process. Usually, inspectors don’t take terribly long to schedule appointments knowing that their clients have short windows to get inspections done.  

 

Make A Strong Offer

 

Making a good offer could mean paying extra for a home you love in order to compete with cash offers. Spending more money helps to win. Here’s why: Sellers almost always will give a cash buyer a bit more of a discount since they’ll be getting all of the funds up front. If you love the house and plan to live in it for years to come, the extra money you spend will be well worth it.         

 

Write An Offer Letter

 

An offer letter adds a bit of a personal touch to the number you put down as a buyer. Here, you can tell the seller who you are and why you love the home. It can be emotional to sell a property, but a seller will feel more comfortable knowing that the home is going to someone who will appreciate it.

  

 

 

About the Author
Author

Real Estate With Maghielse & Company, LLC

Having been a Real Estate agent for over 30 years now, I have helped literally thousands of families buy, sell and accomplish their Real Estate goals. Both my husband/partner and I grew up in Kent County, so we know the cities and their neighborhoods like the back of our hands.

I also have a strong eye for finding opportunities in the market and this, coupled with my knowledge of market trends and changes in the Real Estate industry, has led to a strong sales history of customer service that is reflected in the confidence and trust my clients have in me.

For over 15 years I have been in the top 1% of all Realtors on the Greater Grand Rapids Board of Realtors, a record of success very few Realtors can lay claim to. While it is essential to be sales driven, it is also critical to balance this by fostering a professional relationship built on trust and understanding with my clients because our end goal is always client satisfaction. You can see this reflected in the countless testimonials we have received from our clients. Stop by our office and ask to review them at any time, or for a smaller sample, visit our YouTube channel at:

https://www.youtube.com/user/MaghielseandCompany

One of the unique advantages and key elements to our success, is the team we have built here at Maghielse and Company. Working with us on the sale or purchase of your home, you have the advantage of a team with a broad array of talents supporting you in almost any situation and you should never experience that neglected feeling that can occur working with a single agent. I make it my business to exceed my clients expectations and I don’t rest until they have found a great new Home, or sold their current property and are beyond satisfied with the results.