How to Gain an Edge Over Cash Buyers in Alaska This Year
Once you've found your dream home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole, it can be hard to erase the picture from your mind. You start to envision yourself living in the space, how your furniture will fit, and what paint colors you will choose. But in today's real estate market, you may find yourself competing with cash buyers who can snag the home quicker and easier than those with financing.
You will need an edge to land the property over those cash buyers and below are a few ways for you to do just that:
Be straightforward about your finances
Sellers often accept cash deals as every aspect of the transaction is laid out on the table for them to see. As a buyer with financing, it is essential that you do the same if you are to compete with cash buyers. Be straightforward with your finances— provide a pre-approval letter, allow your lender to provide financial details with your offer so the seller can feel confident in accepting it. Documents like bank statements and credit reports can allow the seller to see exactly what you have to back up your offer and feel it is just as sound as a cash offer.
Speed up the loan process
Ask your lender how quickly they can turn around the loan as many cash deals close quickly without having to go through this step. In some scenarios, loans can be turned around in as little as 14 days. Even better, if you can speed up the appraisal contingency and get the appraiser to the property fast, sellers may be more willing to accept your offer.
Speed up the inspection
Sellers in Alaska want to close the deal as efficiently as possible and for top dollar. To this effect, if you can also get your inspector to the property within days after your accepted offer, they can feel more confident that there will be no hiccups in the process.
In some cases, if you don't want to risk losing the Alaskan home to a cash buyer, you can offer more than what you think the home is worth. Cash buyers will oftentimes offer a lesser amount because of the lack of hurdles sellers will have to jump, so if you can top the cash offer, you may put yourself in a better position to win the property! Depending on how much more you offer, the increase likely won't change your mortgage payment much over the life of the loan.
You have probably heard stories of buyers writing sellers letters in an attempt to make their offer stand out. If the home you're bidding on is indeed your dream home, what could it hurt? Be personal with the sellers and make yourself known, you never know if your letter detailing what you love about the property or details about your family could put the ball in your court.
As your local real estate experts in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole and the surrounding areas, you can count on Madden Real Estate to help you secure your dream home, whether you're using financing to buy or cash. Give us a call today!
We look forward to hearing from you!
The Madden Real Estate Team
Madden Real Estate with Keller Williams Realty Alaska Group
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