How Do Mortgage Buyers Compete with Cash Buyers?
In the past 90 days, just over half the single home sales in Venice were to cash buyers. Banks that are selling foreclosures prefer cash buyers, as do home owners selling on the open market. Here's some tips to make sure your purchase offer with a mortgage is as attractive as possible to a seller. 1) Be prepared : You have to be ready to show the seller you are a serious buyer by having a pre-approval letter from your lender. Go do it. Now. 2) Put as much escrow deposit down as possible: The more skin you have in the deal, the better it looks to a seller. $1000 escrow deposits might work in certain price segments of the market. But, if you really don't have more than $1000 to put down, are you qualified to buy a home in the first place? 3) Do your inspections quickly: FL contracts allow a 15 day period for home inspections. You should offer 10 days. You look like a more eager buyer who doesn't want to use the inspection contingency period to potentially bac