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How to Win a Bidding War on Your Next Home

If you tried buying a home over the last few years, you probably lost out to buyers who made cash offers. Sellers tend to prefer cash offers because they can close faster and there are less uncertainties when they are not relying on a mortgage approval from a lender they don’t know. Even in a buyers’ market, a seller will most likely prefer a cash offer over one that is dependent on financing or the sale of another property. I have a solution! You can also enjoy the convenience of an all-cash buyer with a cash buyer program. This works for first time home buyers and for clients who want to buy before they sell their existing property.

The process is simple!

  1. Get preapproved.
  2. Your Real Estate Agent will need to become certified with the cash buyer program (if they’re not already).
  3. Find your home!
  4. The cash buyer program will place a cash offer on the home which will probably close very quickly.
  5. You buy your home back from the cash buyer program using the mortgage you’re preapproved for.

This works for first time home buyers and for clients who want to buy a primary residence before they sell their existing property. This is similar to a bridge loan except you don't have a "bridge loan payment" to factor into qualifying for purchasing your home - which makes this easier to qualify for.

This is for home buyers with credit scores of 620 or higher and minimum down payments are allowed for conventional and VA financing. (This is currently not allowed with FHA financing). Home buyers will need a minimum 3% earnest money deposit. There is a service fee which can be added to the sales price of the new home when you buy it from the cash buyer program and often times, the fee can be offset by offering less on the home (often cash buyers can pay less than those having to use a mortgage).

Cash offer purchases often close in just two weeks, so you’re able to move into your new home before you purchase the home back from cash buyer program. There will be some rent due, just as if you were moving into your home before closing with any other seller. Here is more information about cash buyer programs.

NOTE: Mortgage rates change throughout the day (similar as stocks do) and are subject to credit approval. In other words, the rates posted here are expired and may currently be lower or higher. If you would like to see a scenario with current mortgage rates based on your personal financials, please contact me.

Let's help you buy your next home!

Best regards,

Rhonda

Reviews

"Rhonda was flexible and helpful throughout the process."

chloe l

"Rhonda was incredibly helpful from start to finsh. She really went the extra mile to make sure we got the best loan to fit the needs of our goals. Very communicative, thoughtful and just great all around. She made this process a breeze, I will definitely recommend her in the future."

grayson l

"Rhonda was kind, patient and highly communicative. She kept us informed and moving without a little of complexity. Love this experience."

kari diane s

"Very easy process. Great communication!!"

brian eugene s

"Rhonda is a problem solver and a great communicator! I appreciate her insight and willingness to help always! This transaction could not have gone more smoothly. Thank you to Rhonda and team for a successful closing and happy Clients!"

matt k

"Very easy process"

renee m w

"Rhonda is just great to work with. Made the process easy."

theodore e w

"Rhonda was a joy to work with! I have never worked with a Mortgage professional that made the process this easy. From the minute we contacted her the first time to the closing of our home, Rhonda was just unbelievable. She understands the market and where rates are likely going. Her experience was invaluable. Her communication was consistent and clear and she was always available for your questions and concerns. I cannot recommend Rhonda highly enough! Plus we got a great rate and mortgage that fit our needs. We will never use anyone else!"

richard d s

"Our experience was personable, clearly communicated, timely, efficient and stress free!"

mackenzie s