11 Ways To Beat A Cash Offer On A Home

When the market is competitive and other buyers are using cash, how can you make your offer stand out? We'll cover 11 ways to make your offer more attractive than cash to a seller when buying a home.

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0:00 What you'll learn
0:18 Competitive markets
2:51 CalmMoment
3:58 11 ways
8:35 How to write an offer letter

Hey, Kyle here winthehouseyoulove.com. Today we're talking about 11 ways you can beat out a cash offer on a home. So first you're going to learn what the seller wants. We need to figure out their motivation to be able to get that offer accepted. And number two, we're going to talk through these 11 ways.
So let's go and dive into this. If you're in a competitive sellers market, that means the sellers have the control, most likely what's ending up happening is you're putting in offers on homes and you're getting beat out by other offers. So when multiple buyers are competing on one home, you're going to be seeing more cash offers come in and these offers are normally a little bit more attractive to a seller because they don't have to worry about financing because financing sometimes falls through right buyers either can't qualify on their loans, or an appraisal comes in short.
And that process is longer. Normally on average, 30 days. With cash, the process is only about two weeks to close cash on a home. So sellers tend to gravitate towards cash because it's guaranteed and it's going to close quick. The problem here is cash is almost always synonymous with a lower offer.
If we have a home that's listed at $300,000, somebody who's submitting a cash offer might submit an offer at $290,000. And the reason why they put that cash discount on there is again, because they know they can guarantee those funds are there and the money is going to move quick. Now on the opposite side, when you're using financings, so you're using a mortgage, normally you're not going to be able to have as much leverage to negotiate a lower price. And the reason why is because you're offer's a little bit less attractive because you're using financing. Cash tends to be the most attractive, then financing second to that. So we're automatically at a disadvantage with the seller, because if we're up against a cash offer, that's guaranteed money that moves a lot faster than us purchasing the home.
So we need to be able to stand out. If the financing is pulling our contract down, we need to find some other ways that we can show the seller that we have a really strong offer. And we have to remember what the seller wants. The seller ultimately wants to sell a home for a specific price. What they're trying to do is pay off their mortgage if they have one and make a whatever number is in their head for the profit on the sale of their home. Okay. Most of the time they want to move out of that quickly and they want to get that specific number for the sale. So we want to try to figure out how do we structure our offer to be the most attractive?
A lot of times buyers want to figure out how they can like rip off a seller, or how they can get a good deal. But we have, if we want to win the offer, especially in a competitive sellers market. We have to be willing to play the game and figure out how we're going to stand out amongst all the other offers, especially these cash offers.

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Kyle Seagraves
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Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity

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