We still have a few more weeks until it’s officially spring here in the City of Lakes, but that doesn’t mean the real estate market is holding back until then! More buyers are out looking for their Chetek WI dream homes as mortgage rates continue to rise and properties become available. However, even if you’ve found the ideal home, you may find yourself up against a cash buyer and need to make your offer stand out in order to have it accepted.
As your local real estate experts in Chetek, we’ve listed 5 ways you can compete with cash buyers this spring:
Don’t leave anything out
When working with your lender, don’t leave out any documents or withhold any information that may slow down your mortgage approval. Even with your offer, you might like to consider sharing how much you make, your credit report, and even provide bank statements that show your account balances. This gives the seller peace of mind that you can follow through with the deal and shows your offer is just as good as cash.
Move up the appraisal
One of the most important steps in the process is the appraisal and in some areas, lenders can have an appraiser at the property in as little as two weeks. Ask your lender how long it will take to have the appraiser sent out and if possible, move up the date.
Move up the inspection
Next to the appraisal, the inspection is a crucial part of the real estate transaction. If you are able to have your inspection scheduled within a few days of having your offer accepted, the seller can rest assured that they made the right decision in choosing your offer.
It has become more popular in the past few years to include a personal letter with your offer to introduce yourself and your family to the seller, allowing them to get to know you. While this is not a guarantee that your offer will be accepted, it couldn’t hurt if you feel strongly enough about the home. Tell the seller your intentions with the home, what you love about it, and why it’s perfect for you.
Cash buyers often make lower offers since they have no financing to secure and there are no hurdles for either party to jump through to close the deal. When you’re competing against these cash buyers, one way to make yourself stand out is to offer slightly more. Depending on how much you need to increase your bid to top the cash offer, it likely won’t translate to much more per month over the life of your loan.
The real estate market is beginning to heat up for spring, so do not hesitate to contact us for more information about homes for sale in Chetek WI or next steps to take as a new buyer.
Six Lakes Realty
Office: (715) 924-4806