Home Buying Myths Phase 6

In the real estate business we are competitive and sitting on the sidelines is not listed in our expert strategies. Much like myth number 6. If you still believe that a loan can’t compete with a cash buyer you are simply benching yourself.

Myth #6: A buyer with a loan can’t compete with a cash buyer…

Before making an offer on a house, a buyer should have their mortgage pre-approval and finances ready to go. This way, the buyer can offer a shorter window of approval and making an offer before a cash buyer has a chance.

Cash buyers have the upper hand when it comes to eliminating some of the risk of loan approval for the seller, but cash buyers are usually expecting a discount. In that case, a buyer with a loan could counter and offer to pay more. No, not over-pay; simply pay market price, which the cash buyer won’t often do, and therefore securing the property.

Most importantly, people do business with people. When a seller is faced with two similar offers, the buyer who really wants to make that house a home and have a clean solid offer could beat out an all-cash investor.

If you are looking for a new home or wanting to sell your current home, please contact a New Home Resource Realtor® today at 702-365-1000. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!