When you’ve found your dream home in Washington DC, Bethesda, Chevy Chase, Northern Virginia, or the surrounding areas, you are willing to do what it takes to make sure it becomes yours. The last thing you want is to be outbid (or in some cases, underbid) by another buyer who turns out to have all cash!
To compete with cash buyers in today’s busy real estate market, you will need to have a certain edge and as your local DC Metro real estate experts, we are sharing five ways for you to stand out below:
Don’t hide anything
Being upfront with your finances can help a seller feel more confident in choosing your offer. Allow your lender to release financial details like your income, bank statements, and credit report. Providing this information may prompt the seller to consider your offer just the same as a cash buyer.
Accelerate the loan
Cash transactions move quickly and for sellers, that is a major perk. When you use financing to purchase a Metro DC home, the closing process is not as swift and therefore, your offer may not look as appealing. However, you can always ask how you can speed up the process. Depending on your lender, they may be able to turn around the loan in as little as 14 days, pending all documents are submitted efficiently and the appraiser is dispatched on time.
Cash buyers tend to offer a lower amount for a property simply because there are fewer hoops to jump through for the seller given there is no financing. If you don’t want to lose the home, consider bidding higher. Offering more than you think the home is worth could put you ahead of the cash buyer and in the long run, it likely will not change your mortgage payment much.
Make yourself known
Oftentimes, sellers want to know who their house is going to and including a personal letter could be just what they need to accept your offer over a cash buyer. Make yourself known to the sellers, tell them who you are, what you love about the property, and what you plan to do with it. In today’s market, it just might help!
Move along the inspection
When a seller accepts your offer over a cash buyer, there is still one more potential hurdle aside from financing and that is the inspection. If you can conduct your inspection within days after your accepted offer, this assures the seller that they made the right decision and you can follow through with the sale.
Ready to start the search for your Washington DC, Bethesda, Chevy Chase, or NoVA dream home or found what you’re looking for and want to seal the deal? Give The Estridge Group a call today! We’ve helped numerous buyers become homeowners in our area and would be happy to help you do the same!