This Might Work ~ But, Doubtful....Unless You Use The Last Suggestion.

How to win during a multiple offer situation....against an all CASH buyer?

That's hard. It's really, really hard.

From a listing agent standpoint, cash is king...if it's a reasonable offer. No waiting for an appraisal, no waiting for loan approval. No waiting for much of anything past the inspection. Just less hands in the cookie jar as mums used to say.

Read an article this morning that suggested these 5 things to beat out a cash buyer....only the last one will truly work though.....IMHO. Let me know your thoughts!

1. Work closely with your lender:

I mean very closely – to the point of having their cell phone number memorized. Your lender is a vital piece of this puzzle – make sure you know exactly what you need to have to make a complete bid.

2. Get fully approved for a loan:

Being pre-qualified is not enough in a competitive market, where waiting several days – or even hours, in some cases – to get fully approved for a loan can cost you the home of your dreams. So before you bid, get your loan approved contingent on appraisal of the home value. Taking this one extra step will put you on the same footing as cash bidders in the eyes of the seller’s agent, who will see your approval ‘as good as cash.’

3. Have your lender call the seller’s agent to give them peace of mind about your bid:

A phone call immediately after bid submission from your lender can go a long way in reassuring the seller that your loan-backed bid really is as good as cash, especially if it is coming from a trusted, certified third party.

4. Write a personalized letter to the seller expressing your interest in the home:

When you have a seller who is attached to their property and interested in seeing it go to the right buyer, a personalized letter could be the strategic advantage that gets you a winning bid. In many cases, cash offers are made by investors looking to either flip the home or convert it to a rental property. If you are a couple looking to raise a family in that home, stating that intention in the letter could appeal to the seller’s emotional side and close the deal in your favor.

5. Submit a complete, clean contract:

The less work you make for the seller’s agent, the better, so please, send a contract with legible writing, complete responses and all the necessary information. If you can resist, don’t ask for closing costs or home warranties, and don’t leave anything unanswered – if an agent is confused or delayed by your contract, they’ll simply move on to the next in the pile.

6. Give a higher offer than the listing price – and cash bid.

If you can afford it, offering between $5,000 to $20,000 on top of the asking price may be the most surefire way to close the deal against a cash bidder. In the end, money talks – no matter what form it’s coming in.