Mortgage and Real Estate Guide Podcast On the New York City Podcast Network

Fan Mail Request: Competing Against Cash Offers

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Send us a textHow can anyone Compete with a Cash offer 1 Understanding different types of quot cash offers quot – not always literal cash can be from hard money loans lines of credit 1031 exchanges etc 2 Tips for making a competitive offer as a financed buyer – Submit offers quickly with a short timeline e g 24-hour response – Minimize contingencies and inspection periods- Offer higher than list price but ask for seller credits to cover closing costs- Work with a lender who can close quickly e g 2 weeks 3 Exploring alternative financing options to compete with cash buyers – Cash buyer programs that provide upfront cash then you refinance- Bridge loans using equity in your current home4 Importance of being prepared as a financed buyer – Get pre-approved have documents ready- If selling a home make sure it apos s ready to list quickly- Understand debt-to-income ratios and loan program limits5 Strengthening a contingent offer by putting down earnest money shortening timelines etc 6 Recognizing that even with financing you can be competitive by understanding the market and working closely with your agent and lender Mikal MeleLoan Officer amp Mortgage AdvisorNMLS 963197 Casey CarpenterLoan Officer amp Mortgage AdvisorNMLS 1458123 Addy NettLoan Officer amp Mortgage AdvisorNMLS 1542184 Mortgage Express LLC NMLS ID 40831 Equal Housing LenderNot a commitment to lock or lend Terms and conditions apply Not all applicants will qualify Licensed in OR WA CA AZ ID with licensing in California by the Department of Financial Protection and Innovation DFPI under the Residential Mortgage Act Questions and concerns may be directed to our Corporate Office or customerservice mtgxps com Visit www nmlsconsumeraccess org for more information
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