The Fort Lauderdale real estate market can be tough, and one of the biggest challenges that buyers face is the prevalence of cash buyers and investors competing for the available inventory. The market is similarly challenging across the nation.
If you’re trying to buy a new home, you need to have a strategy that will make you just as attractive to buyers, if not more attractive, than all of the cash buyers out there. Assuming you’re already preapproved for your home loan, what else can you do to make your offer as attractive as possible?
#1) Make the Transaction Hassle-Free
You can do this by avoiding complicated clauses and reducing contingencies. You might also commit to buying your next home as-is, deciding to take on any repairs or defects yourself once the house is in your possession.
While it might be nice to imagine you can move into a home that “feels” new, the truth is most homes on the market are pre-owned. Homes constantly require a little TLC. Accepting that fact now can help make your buying journey easier.
Make sure to get an inspection so you can evaluate for yourself what you’re in for and whether you can take on the work. Most lenders will require an inspection and an appraisal anyway. But you gain an advantage when you’re willing to correct cosmetic problems yourself.
#2) Outbid the Cash Buyers
Many cash buyers are looking for a bargain, so they make lower offers. They might come in at 50% to 75% of the asking price. You can stand out by making your offers at or near the asking price of the home.
Offering more money offsets some of the risks the seller takes on by working with a buyer with a mortgage—mainly the risk that the deal will fall through because the lender decides not to fund the loan. Many sellers are in a hurry, but most would still rather get as much out of the house as possible.
#3) Choose the Right Loan
An FCM Greenlight+ loan is the perfect loan for those who are worried about competing against cash buyers. The loan is underwritten in advance and comes with a $10,000 guarantee to the seller. That is, if the loan does not close within contracted timelines, the seller receives $10,000.
In addition, these loans can close in as little as 10-14 days, which means the seller doesn’t have to wait a long time to sell the house and get on with their lives. Combine an FCM Greenlight+ loan with a hassle-free process and a high offer, and you’ll be well on your way towards securing the home of your choice.
Ready to find your dream home?
Speed can make all the difference. If you are excited to shop for your next home, call Alex Doce to schedule a free consultation.
