When it comes to buying a house, the highest priced offer gets the house…right? Not always! Conventional wisdom suggests that during negotiations, especially in a multiple offer situation, whomever throws the most money at the seller will snag the house. That’s not always true! Sure, a hefty sum on an offer is the first thing that every seller wants to see, but any good real estate agent will advise their seller that each offer is a sum of its parts.
Here are five reasons why you may just beat that higher offer:
1. Cash Is King
The bottom line is if you can buy with all cash, you will likely win out over a higher priced offer. This may sound like a lot to try and scrap together, but many people do. According to RealtyTrac’s latest data, 43% of all home sales in 2014 have been all-cash deals. Savvy sellers know the benefits of an all-cash buyer: there is no issue involving mortgages and lenders, the escrow closes faster, and there is no appraisal to worry about.