Hileman Real Estate

Homebuyers are doing all kinds of things to make their offers stand out in this supply-starved market, from removing contingencies to bidding way over the asking price.

One tried-and-true technique for making a competitive offer on a house remains popular as well, and that’s the all-cash purchase, Zach Wichter wrote for bankrate.com.

Here’s the thing: savvy homebuyers can essentially make a cash offer even if they’re planning to take out a mortgage. They just need to find the right lender to help them get everything in order.

First, the basics. A cash offer is (usually) what it sounds like: the buyer plans to pay all-cash for the home he or she has put an offer on, and can prove the funds are in the bank to do it. Cash offers usually mean a more streamlined process for both buyers and sellers, and many sellers prefer to take unfinanced cash when it’s an option.

Buyers who plan to take out a mortgage, however, represent more risks to the seller.

“They’re taking the house off the market because it’s now under contract, therefore they lose a potential two weeks if the buyer doesn’t get approved,” said Jaad Nicholas, senior mortgage banker at Ameris Bank, and vice chairman of the mortgage committee for the Asian Real Estate Association of America.

The less financing involved in a real estate deal, the more favorable a seller’s view of the offer will usually be, he added.

“What’s happening in this market is sellers are basically running the market because there are so many buyers and not enough homes to purchase. The sellers are starting to take the cash offers,” Nicholas said. “They’re taking those and they’re putting them at the top.”

How can you compete with cash if you still need a mortgage?

While it’s true that sellers often prefer all-cash offers, it doesn’t necessarily mean you can’t compete in this frenzied market even if you still need a mortgage.

“There are some ways you can use a loan and still be considered a cash offer,” Nicholas said. “The most common way, what we offer at Ameris Bank, is a decision-now approval.”

It’s not exactly the same as cash, but it’s almost as good because a decisionnow approval, also sometimes called an underwritten preapproval or upfront underwriting, means the loan has already been funded.

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410-208-9200 • 800-337-7368 • 11065 Cathell Road, Ocean Pines • 8202 Coastal Highway, Ocean City • 410-723-9450 Licensed in MD, DE • www.hilemanrealestate.com • e-mail: hilemanre@aol.com

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