All cash buyers are often the most sought after buyers. With a cash offer, that means there won't be a mortgage and that means the buyers won't be relying on the restrictions of getting a loan. So now that the real estate market in Reno-Sparks is hot and sellers are seeing multiple offers, what's a home buyer to do? We've compiled a list of six tips that will help a buyer who will be getting a mortgage compete with cash offers.
1. Don't Wait. The housing market in Reno is going strong. A buyer who waits to submit an offer on their dream home might miss out completely. If you know you want the home, work quickly with your agent to submit your strongest offer. Odds are good that the seller won't counter your offer if they have six other offers on the table. In most cases, this isn't the time to low ball.
2. Get Pre-Approved. You've crunched the numbers are you're comfortable at a certain amount. That's great unless your lender doesn't agree. Make sure you're pre-approved (not just pre-qualified) and understand the terms before you start house hunting in earnest. A pre-approval letter and proof of funds can be included in an offer to prove you're both serious about the offer and financially secure.
3. Be Prepared to Pay a Little More. Cash buyers are often investors who are looking to increase their margins as much as possible. Even as little as $1,000 above asking price can give you the edge.
4. Work with an Experienced Realtor. Good agents will find out the seller's terms. Do they need a quick close? Will they only use one title company? These items can be included in your first offer to show that you're flexible.
5. Increase Your Down Payment. If a home sale falls through, it's most likely due to the financing not working out. Increase the amount you put down and increase your odds of a successful close.
6. Get Personal. A personal letter to the seller might sound cheesy but there have been plenty of situations where the home seller chose to take a slightly lower offer knowing the people moving in would love the home rather than the higher offer from the investor.
Are you ready to start looking for a home? I would be honored to help you find a home that meets your lifestyle. Give me a call at 775-453-4568. After learning what you're looking for, I can create a customized home search that will email you listing that fit your needs as soon as they hit the market.