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You’re ready to make an offer.
You’re excited.
And then BAM!
There’s been another offer — and it’s all cash.
Who the heck has that kind of money laying around?
Now, you might be ready to reach for the tissues as your dreams crumble into dust around you.
Hold on just a minute.
I’m here to tell you that you may be down, but you are NOT out.
There are 3 steps you can take to be competitive against a cash buyer. Trust me on this, you’re still in the game.
Making a stronger offer is all about getting noticed. This might mean offering more money or adding fewer contingencies. Showing the seller that you’re easy to work with will go a long way.
Okay, yes, it’s cheesy. But sometimes it works. Depending on the type of property you are trying to purchase you could let them know earnestly why you love this home, need this home, HAVE TO HAVE THIS HOME. A sweet story of serendipity may win the hearts of the sellers. After all, the sellers were once the buyers too. They may hear you out. (Just be sure to seek the advice of an amazing agent first, to ensure that your handcrafted letter is not only creative but also compliant, this is a BIG one.)
Cash buyers have a lot of power, it’s true. But a lot of that power is used to skip banks, sidestep escrow procedures that protect buyers and sellers, and make lots of demands. This means that a cash deal can fall through. You might lose the home to a cash buyer only to get a call from the seller’s agent a few weeks later asking if you’re still interested in buying their home!
Of course, the best defense against tough competition when buying a home is to have a good real estate agent on your side who can get your offers noticed. And, would you know it, I know how to navigate all these situations with ease.
Hey there! I’m Maureen, a lifestyle blogger and Real Estate Broker at American Classic Homes Real Estate in the Pacific Northwest. Here to help you find your perfect home and share tips on living your best life in the PNW. Let’s come home together to the Pacific Northwest!
