You’ve finally found it. The home of your dreams. You’re ready to make an offer. You’re excited and then BAM! You get the notification that there has been another offer- and it’s all cash. How can you compete against cash buyers? What are the odds? Who the heck has that kind of money laying around? You may be reaching for the tissue as you see your dreams crumble into dust around you… but…. HOLD ON FRIEND. I am here to tell you that you are down, but you are NOT OUT. Let me explain.
Here are the 3 biggest steps you need to take in order to compete against cash buyers. Trust me on this, you’re still in the game.
#1 Make a stronger offer
Making a stronger offer is all about getting noticed. Money talks, so you’re going to have to find another way to get your foot in the door. There are several ways you can do this. First, you can offer more money than the asking price. The only thing that speaks louder than cash is more cash. Second, you can write an offer that demands less. Showing the seller that you are much easier to work with will go a long way.
#2 Write a love letter to the seller
It sounds cheesy, I know. But sometimes it works. 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.
#3 Never give up
There’s no doubt that cash buyers have a lot of power. And one of the ways that they wield this power is by skipping the banks, sidestepping a ton of escrow procedures, and making lots of demands. They know that they can usually back out of the deal easily if their demands aren’t met. And if these demands go unmet, the cash deal may fall through. So never give up. You may lose the home to a cash buyer initially, but don’t be surprised if you get a call from the sellers a few weeks later asking if you’re still interested in buying their home!
When you’re up against tough competition in the buying sector, it’s so imperative to have a good real estate agent on your side who can get your offers noticed. I know how to compete against cash buyers and all of these situations with ease. .
At this point, you may be convinced that you may need some guidance around the area of going against a cash buyer with a non cash offer. But you may also be thinking that you have no idea where to start. In which case, I’ve written the perfect guide for you called The Ultimate Home Buyer Guide: What You Can Expect from Start to Finish. It’s completely free. Many of my best clients have found it useful. Hope you will, too.
If you’re thinking about making a move, I can help you through the process. Just send me a message or text me (Jeni Lu) at 781-864-7372.
No pressure, no sales tactics, just the help and guidance that you need!