Making a Cash-Competitive Offer on a Central Ohio Home - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Making a Cash-Competitive Offer on a Central Ohio Home

Chess, Pawn, King, Game, Tournament, IntelligenceWhile the majority of Central Ohio home buyers use a mortgage to make their home purchase, cash buyers steal the spotlight when their offer is on the table. As we mentioned in a prior blog post, sellers love cash offers because they are seen as a “guaranteed closing” and the fastest closing.

This is hard to compete with, but not impossible! In return for their lack of red tape, cash buyers expect to get preferential treatment from the seller, in the form of a cheaper sales price. Not all sellers will go for this, which opens the door for mortgage-backed buyers.

Offering a competitive purchase price, based on the market, is a start. But you’ll need to show that you are a highly-qualified buyer! Here are some tactics:

1. Include a significant amount of earnest money with your offer. The seller will see this check and remember it! Caution: earnest money is not the same thing as a down payment. It’s a good-faith deposit that shows your commitment to making the purchase. If you fail to close the deal due to any reason not covered in your contingencies, you could forfeit your earnest money.

2. Include a printout of your FICO credit score with your lender’s pre-approval letter. It gives you a distinction from other offers, and, in the seller’s eyes, makes you likely to see the deal through.

3. Proactively offer the seller temporary occupancy after closing, about 5 days, at no charge to them. (If the home is already vacant, this won’t be a viable tactic.) Even if the seller doesn’t need this, they will notice your considerate gesture. And, perhaps decide that you are the type of person they’d rather work with.

These suggestions assume you are well-prepared financially. If your cash reserves are modest and your credit score is on the lower side, it may be worth waiting until you are in a stronger position to buy a home. Improving your financial condition will serve you well if unexpected expenses arise during the home purchase process, or an unexpected repair comes up during your early days of home ownership.

You can find many more purchase strategies and home buyng tips in our free e-book, “How to Buy a Home like a Pro!” Download yours today at this link. There is no obligation.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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