It is easy to be intimidated by buyers are bidding on a home with 100% cash. Generally, this means that they close on a house quickly; this can give the seller a sense of security. However, there is a way that you can outcompete these types of home buyers.
Be Open About Your Finances
The more confidence that you can give with your offer, the better. You can do this by getting a pre-approval letter from your lender. You can also show your bank statements and give the sellers a copy of your credit report. Be open with your finances. Help the seller see that you are trustworthy.
Most home buyers who use cash expect a discount. Usually, this means that the potential buyer will make a low offer. Thus, you can easily top the cash buyer by offering more money in the long run. Your offer does not have to be a lot more than the other offer, but it should be enough to show that you are serious about buying the home. Also, prove that you can back up your offer with the right financial statements.
Get to Know Your Seller
Do not be afraid to get to know your seller. Hence, strive to connect on a personal level. Most likely, the seller will want to know more about the person who is buying the home. Thus, a great way to do this is to have an agent write an introduction and a cover letter. This can let the seller know who you are and why you want to buy the property. Most importantly, this is a wonderful way to leave a great impression.
Ultimately, you want to get the house. By putting in some extra effort, there is a chance that you will beat out all-cash competitors. Finally, being flexible and open is a good way to get closer to the home that you want.