In today’s hot real estate market in Albuquerque, bidding wars are more common. This also means that more people are buying with cash and looking for a good deal.
Cash offers are more tempting for sellers, since it may make for a faster closing. Yet, cash offers don’t always guarantee a sale. In many cases, cash buyers can be more demanding, wanting extras that are costly or make lowball offers.
How can you bolster your chances of competing with cash buyers? Here’s a few tips:
1. Include a preapproval letter.
Make sure all of your financial papers are put together, find a mortgage lender and get preapproved. Additionally, a note from your lender stating that you’re a well-qualified buyer is very helpful.
2. Work with a fast-moving lender.
Make sure you chose a lender that’s known for fast transactions, as closing times vary significantly among lenders. This shows the seller you’re ready to buy at their pace.
3. Offer more earnest money or a bigger down payment.
More money down means you’re serious about purchasing their home, which gives sellers more confidence in your offer.
4. Make an appropriate offer.
Don’t offer too low. Make sure that you make an offer that will blow cash buyers out of the water.
Are you planning to purchase a new home soon? Get in touch today to discuss the right strategy for your home search.
Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.
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