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True Or False: The Highest Offer Always Gets The House?
Dated: April 10 2021
When it comes to buying a house, the highest offer always gets the house — right?
Surprise! The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house. In reality, however, it doesn’t always end up that way.
Here are few reasons why your lower offer might just beat that higher one after all.
✔️ Cash is always king
If you can pay cash, you’ll likely win out over a higher-priced offer, every time. It may sound impossible to make such a huge purchase without any financing, but many people do it
✔️ The next best thing to cash: A pre-approval letter
A pre-approval letter is a confirmation you’ve acquired from your mortgage broker or bank that confirms you’re ready to buy in a set price range and have been pre-approved for the loan.
✔️ Not overloading on contingencies
Contingencies are negotiating tools that give you an opportunity to walk away without consequence. The most common contingencies are the inspection, the financing, and the appraisal.
Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....
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