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How do I compete with cash offers?

How do I compete with cash offers? I can put 20% down on a house, but I need financing for the rest. I have a strong credit history and in a normal market I would be a strong buyer. But I'm struggling in this market to get an offer accepted.
Asked By Lucas | Morgan Hill, CA | 210 views | Buying | 10 months ago
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Novice
3 Answers
Steven Gary

Realty One Group Infinity

(5)

Competing with cash offers can be tough, but don’t worry, you’ve got options! Here’s how you can make your offer stand out even when you need financing: 1) Offer More Earnest Money: Putting down a larger earnest money deposit can demonstrate your commitment and make your offer more attractive. 2) Waive Contingencies: If possible, waive some contingencies. For example, a quick inspection period or waiving certain conditions (if you’re comfortable doing so) can make your offer more appealing. 3)Work with an Experienced Agent: A savvy agent knows how to negotiate and present your offer in the best light. They can communicate your strengths as a buyer and build a good rapport with the seller’s agent. 4) Strong Offer Price: Sometimes offering a bit above the asking price can make your financed offer more competitive against cash offers. Remember, it’s not always just about the money. Sellers might appreciate a buyer who’s flexible, easy to work with, and truly loves their home. Good luck!
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Novice
2 Answers
David Gubler

IML Real Estate

(109)

Make sure you have full loan approval (other than the appraisal) and then waive your loan contingency. In really competitive markets (and if you are high down payment) you will likely need to waive appraisal contingency too (if seeking to compete with comparable cash offers). Some buyers have even been removing their inspection/investigations contingency though I do NOT advise this.

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Novice
1 Answer
Alita Turner

Realty ONE Group Complete

(5)

Hi, I have a lender that will market you as a cash buyer. They will buy home then transfer to you. Also, sometimes the terms make a difference. Like the more you put down, what fees are you willing to pay, and days to close.
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Novice
1 Answer
Jean Davila

Intero Real Estate

(7)

Hi Lucas, Getting an underwritten approval helps. Some lenders can close as soon as 10 days, if you provide all your documentations upfront. Another two factors are terms and the agent that represents you, in this market hiring the right agent will save you lots of time and money. Hope this information is helpful. Best, Jean

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