Conventional
wisdom dictates that home sellers prefer cash offers. So what is a typical
would-be buyer in North Las Vegas to do when the competition comes forward with
an all-cash offer? Cash offers may come from any of a variety of deep-pocketed
parties: institutional investors, foreign investors, wealthy families or
individual investors.
Beyond doing
basic due diligence — gathering as much information as you can about the
property and the seller’s needs — if you’ve found the perfect home and are
convinced it is the best property for your family, consider one or more of
these tactics:
Bidding
over asking — even by as little as 2% or 3% — can sometimes win the day,
according to Noah Rosenblatt, founder of Urban Digs, a real estate analytics
company. Cash buyers typically factor in opportunity costs, making it less
likely that they will go beyond a certain price threshold. No one wants to pay
more for a property than necessary, but going “over asking” may be the only way
to secure an ideal property when cash offers are competing.
Removing
any contingencies from your offer will help strengthen your position and
may well convince a North Las Vegas seller
that you are the party most likely to close successfully. The downside is that
you will be assuming whatever risk had been the subject of the contingency in
the first place. For example, if you were to submit an offer less any
inspection contingencies, you might have to pay more than budgeted down the
road if undiscovered repairs crop up.
The seller’s
goal is maximize net return, so any term you add that puts more money in the
seller’s pocket can sway the decision in your favor. Creative thinking pays.
You might offer to pay the seller’s closing costs, cover your own Home Warranty
policy, or any other add-on that has the desired effect.
While cash
may be king in most cases, there are ways to compete with cash offers in North Las Vegas. If you are looking for an agent
with constructive solutions to help you find and secure the right property, why
not call me today to take advantage of this fall’s
inventory?
Andrea Gonzalez-REALTOR, M.B.A/VIP REALTY GROUP
(702) 485-7887
Like me on facebook: www.facebook.com/vipdreamhomes
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