It is a very competitive market right now. Cash Buyers have definatly been active in 2012.
1. Speed is the name of the game. One tip is to get your offers in asap. Sometimes this requires writing offers before seeing the home. Once accepted you can decide if you really love it.
2. Most homes are selling at or around list price. You may need to think about offering above list price to compete with the cash buyers.
3. Tell your story. Are you just submitting a boring offer like everyone else?.Tell the seller who you and your family are, why you like the house and your what your plans are with the home. Get creative!
Good luck. Let me know if you need any other helpful tips.
David Mckeever, broker
McKeever Real Estate
(1) Make cash offers.
(2) Make offers higher than cash offers.
(3) Be sure you're making the offers quickly.
(4) Keep your offers as "clean" (as free from contingencies) as you feel comfortable with.
(5) If you're focusing on just one type of situation (i.e., foreclosures), broaden your focus.
(6) Eliminate competiton by bidding on houses on the market for sale. (Search for houses for rent by out-of-town owners. It's absolutely legal and permissible to make offers to purchase properties listed as rentals.)
(7) Ask your Realtor for additional tips.
Hope that helps.
Good luck on the next one.
Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Sellers markets are incomprehensible to buyers that haven't suffered into one before.
Make acceptance less likely: long contingencies on anything, asking for anything that you would normally ask for in a balanced or a buyers market. Such as seller paying for closing costs, termite and other inspections repairs and clearances.
Making acceptance a little more likely: Offering market value to be the highest bidder, offering a higher than average earnest money, writing short contingency periods, Agreeing to take house as is, (subject to inspection contingency, of course) Reading and following the sellers offering instructions.
Making acceptance even more likely: Showing funds to close and reserves as well as the loan approval letter. Though you may not have all cash, you may be able to be the high bidder by showing that you have the cash reserves to make up the difference between a low appraisal and your offer price.