Finally Found The House Of Your Dreams? 4 Steps To Help You Come Out On Top Against A Cash Offer

They say that money talks. In the real estate market, that's particularly true. That can mean that you get edged out of the market if someone comes along with cash on-hand. Luckily, it doesn't always have to be that way. In fact, with a few carefully planned steps, you can come out on top in a cash versus mortgage bidding war. Here are four simple steps you can take to make sure have a better hand against someone with cash.

Step Out of the Gate with Your Best Offer

When you're not up against someone with cash, you can afford to play things close to the vest at first. That means, you can come out with a low-ball offer on your first go-round. Unfortunately, if you're going against someone who has cash to offer, you may never get another chance to make a better offer. If you really want the house, make your first offer count. Make sure that first offer is the best offer you have.

Sweeten the Deal

If you've walked on to the playing field behind a cash offer, be willing to sweeten the deal just a bit. Sit down and work out your bottom-line. If you have a few thousand to play with, add it to the deal. You may find out that the cash buyer had already put all their money on the line and can't outbid you. You'll win by default when they have to leave the field.

Be Willing to Negotiate

When it comes to winning against a cash offer, you have to make yourself look better. You can do that when you're willing to negotiate and throw in some flexibility. If you know that the seller wants to control the move-in date, or the escrow schedule, let them. Show the seller that you're willing to go that extra mile to accommodate their needs.

Avoid Asking for Extras

You wanted some repairs done to the house before you purchased it. Unfortunately, asking for those repairs when there's a cash offer on the table may just do you out of the deal. Be willing to forego repairs and make an "as is" offer.

Just because the other offer on the table is for a cash deal doesn't mean you'll automatically lose out. The tips provided here will help you win against a cash offer. For other tips on how to outbid a cash buyer, be sure to speak to your realtor.