When the housing market is hot, you’re more likely to have to compete with cash-only buyers. After all, they can pay the entire house price without having to secure financing. That can be hard to beat—but it’s possible. In addition to asking your realtor for advice specific to Maricopa County, AZ, here are some general tips to beat a cash offer:
- Treat your offer as if it’s going to be accepted: The best way to show a seller that you’re serious is to treat the process like your offer will be accepted. For example, you can have your lender write a pre-approval letter, which verifies that you’re a qualified buyer and that you have the appropriate financing. You can ask your lender to move your mortgage through the loan process as much as possible, and send them a title report. This will show that you’re serious right off the bat.
- Pre-order appraisals: If you have a smaller lender, you may be able to “pre-order” your appraisal. This moves things along significantly faster. When you make your offer, you can tell the seller that the appraisal has already been ordered. This is another way to show not only that you mean business, but that you’re making it faster and easier for them to sell their house.
- See if you can shorten the loan approval time: Talk to your lender about how quickly they can have the home appraised and approve your loan. In some cases, it could be as soon as two weeks. Most sellers will find a quick, pre-approved process a lot more appealing than one that drags out—even if there’s all cash involved.
- Have inspections done as soon as possible: Schedule your inspections to be done as soon as possible after making your offer. This might cost you a little extra, but it will be well worth it—a seller will appreciate your fast action.
- Introduce yourself to the seller: Your realtor can write a letter on your behalf, introducing you and discussing why you love the home. For example, you might have fallen in love with the house because it looks like the perfect place to raise your family. Perhaps you’re a home canner and the fruit trees in the backyard are a wonderful opportunity to have a fresh, homegrown harvest. While writing a letter doesn’t guarantee that you’ll get the home, it certainly doesn’t hurt. Most people have sentimental attachments to their homes and would like to see it go to someone who will take care of it.
- Offer more money: Finally, you can always offer more money. Plenty of cash buyers expect a discount simply because they’re paying cash. Offering more shows you’re serious, and can help them fund their next home.
Whether the seller accepts your offer or decides to go with a cash offer, working with a great real estate agency in Maricopa County, AZ makes all the difference. Get in touch with Ellen White Real Estate today to arrange a consultation.
