Do not let a cash offer fool you into believing that you do not have a chance. Here are couple of things you can do to compete with a cash offer!
- Prove to the seller that your offer is strong and true. Provide a pre-approval letter from the lender to show that you not only qualified, but that you are approved. Also, to make your offer look even stronger, provide a letter for more than your offer price.
- Do your best to speed up the process with your loan officer or lender. Ask for an appraisal immediately so that you can inform the seller that you are standing behind your offer and determined to successfully close. Also, use the same process with the home inspector.
- Be prepared to work with the seller on his or her terms. Be open and flexible to the seller’s desired closing date. You have to be patient but diligent about what the seller needs.
So do not let a cash offer fool you into believing that you do not have a chance. Just be honest and show the sellers that you are serious about your offer and are willing to make the closing process simple and easier for them.