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In Today’s Market You Need More than Just the Highest Offer

So you think you are going to get your dream house if you have the highest bid. These days you might not find this to be true. In today’s real estate market, having the highest big isn’t enough.  Many buyers do believe this to be true, but this is not always the case. Sellers nowadays want other things rather than just the highest bid. Obviously, the bid is important, but there are other things as well.

So if your offer on a house is not enough, maybe you can try and entice the seller with any of the following.

An all cash deal is premier

You may not have the highest bid on a house, but if you can pay the whole amount in cash, most of the sellers will prefer you over other bidders. According to a survey conducted by a reputed real estate website, 43% of all home deals in the beginning of this year were based on cash. Why do sellers love these deals? Because there are no appraisals to worry about, no mortgage related issues to take care of and the deal gets closed faster.

Not enough cash? Get pre-approved

Okay, so you do not have enough cash. Can something still be done? Get a pre-approval letter from your bank. This letter serves as proof that your bank has no problem in giving you the necessary amount of money so there will probably not be any mortgage issues along the way. Now if there is a buyer who agrees to pay more than you, you still have an edge.

The timeline matters

Generally, closing a deal takes around 30, 45, 60 or 90 days. If you can modify this according to the needs of the seller, you will be given preference. Most of the sellers want to close the deal in just a month, and this is possible, if you get everything ready beforehand.

The letter is worth it

This may sound lame, but it can turn the tables in your favor. Write a personal letter to the seller, and make it sound emotional. If you are good with words, you may have an impact on the seller and the decision will be in your favor.

Next time, when you make an offer, keep our advice in mind.

Source: www.realestate.msn.com

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