Mailbag: How Can We Compete With Cash Offers?
Wondering why your offer hasn’t been accepted yet? Angie reveals a bit of the behind-the-scenes when someone makes a financed offer vs. a cash offer. Plus, she shares a market update and answers one other question from the mailbag.
As we move into the fall, what’s the latest in the market? Angie says the inventory is starting to increase, which is a positive sign for buyers. Mortgage rates remain low, which makes it a great market to buy and sell. If you’re considering jumping into the market as a buyer or seller, reach out to Angie and her team to get started.
Terry in Raleigh wants to know if a home is for sale by owner that they can’t buy it without a realtor? A buyer can still have representation, even in this situation to make sure you are taken care of and have an advocate in the process. Always have representation with a real estate agent by your side in the home buying process and at the closing table.
Part of the reason you want to have a real estate agent is to protect against fraudulent activity. Angie tells a story of a recent situation she heard of where a buyer lost a large sum of cash to fraud. Having an agent to look out for you can protect you and make sure you know what’s typical and what’s not in the home buying process.
Jerry in Durham keeps getting outbid when trying to buy a home. Other buyers keep paying in cash for homes and he feels like they can’t compete. Angie explains the process from the seller’s side. What the seller nets is most important. You may need to consider the offer in its entirety. Ask your realtor to dig deeper to find out if you aren’t making a strong enough due diligence offer or if your timeline is too long. Understanding what you can do better next time will help you be more prepared to make future offers.
Listen to the entire episode or skip to a particular question using the timestamps below.
0:38 - How is the market looking right now?
4:30 - Mailbag: Can you still buy a for-sale-by-owner home with a realtor?
6:24 - What kind of fraud situations can happen?
7:33 - Mailbag: How can we compete with cash offers?
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