Cash offers are favored because there is no need for the home to appraise and the timeline to close is usually faster. After that, buyers wiith 20% ore more are the next most desirable from the perspective of the bank.
It's not fair..but it is the way things work...
Side note: considering this 'house' is inhabitable and you are essentially buying it for the land, you can get 5 acres in that area for around $10,000. If water, septic, etc are already on the property then that will increase the value of course.
Are you currently working with a local REALTOR? If not, I would be happy to research the property further, determine exactly what it has and provide you an analysis of the properties fair market value prior to putting in an offer. You can email me directly at Chris@ColdwellBankerBreenTeam.com
Hope this helped!
I would need your definition of a better offer to best answer your question. For example though you may have offered more in money but what was asked for in return? Did you ask for closing costs, termite repairs and or a home warranty? If so, you just decreased the net that a seller would have received if one or all of the examples were asked for. Additionally what type of financing are you using? Conventional? FHA? A seller may want to close a quickly as possible and might prefer a cash or conventional offer v an FHA.
I hope my responses answered your question. If I may be of further assistance, please give me a call.