In competitive housing markets, it’s not uncommon for buyers to come in with an all cash offer. However, if you can’t pay cash, you’re not out of luck. A solid buyer financing a home with a mortgage can compete with cash buyers and win. Make your offer stand out against cold hard cash by using these tips.
How To Gain An Edge On Cash Buyers
1. Make a Competitive Offer
Come in with your best offer upfront. Just because a buyer has cash doesn’t mean their offer will be the strongest – they may be looking for a good deal.
2. Be Prepared With A Pre-Approval
You’re already coming to the seller with your strongest offer. Go a step further by providing a pre-approval letter from your lender. A pre-approval includes a credit pull, and income and asset documentation, proving to the seller that you’re a well-qualified and serious buyer.
3. Inspect Quickly
After your offer is accepted, schedule the inspection quickly. Completing the inspection within days of having your offer accepted shows the seller that you mean business.
4. Show Some Personality
Set yourself apart and write a letter to the seller, explaining what you love about the house and why you want to buy it. Putting a face to a name makes you more than a dollar sign.