Do not let a cash offer fool you into believing that you do not have a chance.
Here are couple of things you can do to compete with a cash offer!
- Prove to the seller that your offer is strong and true. Provide a pre-approval letter from the lender to show that you not only qualified, but that you are approved. Also, to make your offer look even stronger, write a personal letter to the seller.
- Do your best to speed up the process with your loan officer or lender. Ask for an appraisal immediately, so that you can inform the seller that you are standing behind your offer and determined to successfully close. Also, use the same process with the home inspector.
- Be prepared to work with the seller on his or her terms. Be open and flexible to the seller’s desired closing date. You have to be patient but diligent about what the seller needs.
Just be honest and show the sellers that you are serious about your offer and are willing to make the closing process simple and easier for them.
Most sellers have an emotional attachment to their home, even though they are selling it. Speak to them on an emotional and personable level to stand out from cash buyers. You can also have your agent to the seller’s agent to see if there is anything more you can do to help your offer. An extra step may be all it takes for the win.