How Brokers Turned Homebuyers Beat a Cash Offer in Seattle

And …how you can too.

Emily Austin and Eric Martin of Austin & Martin Real Estate know, from experience, that you do have a shot at landing a home, even if you’re going up against cash offers.

Cash may be king for some sellers, but not every seller.

Austin & Martin (A&M) knew that going against cash offers was a possibility.

They knew:

1.) they would have to move fast when they found the right house, and

2.) they’d need to focus on homes they’d actually have a shot at winning.

Elevate the quality of the offer

Strategic plans to elevate the quality of their offer’s appeal to the seller included:

• Contacting the listing broker to build rapport immediately and to maintain positive, professional interaction throughout the process.
• Getting a pre-inspection, eliminating the need for an inspection contingency.
• Writing a clean offer. All forms were correct and complete, simplifying work for the listing broker, and making it easy for the seller to accept.

Financing

They weren’t as strong here when compared to a potential cash offer, so they…

• Held a little of their down payment funds back so they could be put toward a low appraisal, if needed, reducing the seller’s risk.
• Offered a bit over asking price. A generous and psychologically appealing gesture to a seller (the cash offer came to the list price, not above it).
• Asked their lender’s support. A&M’s lender, Mitzi Verlinde of Caliber Home Loans, called the listing broker before the offer was submitted to say: A&M were serious buyers, well-qualified and able to close.

Cash won’t always be the deciding factor in a transaction…it wasn’t for Austin & Martin. They finally won with an offer just above the competing cash offer.

So, if you really want the house and your broker feels you have a good shot at winning, work together to make each aspect of your offer as appealing to the seller as possible.

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