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Macomb County MI real estate blog

“How do I compete with cash offers?” – tips for Macomb County MI home buyers

March 6th, 2013 · No Comments · Buyers agency, macomb county mi real estate market, tips for home buyers

It’s happening.    The very thing that we saw coming for the last year.   “Bottom” of the market.  In fact, our real estate market in Macomb County is on an upswing in the northern areas of our county.  (Clinton Township / Sterling Heights and north).

One of the things that is extremely difficult for home buyers who are getting a mortgage is competing with the cash buyers (normally investors, but sometimes Mom and Dad with cash purchasing for their kids).

I can’t tell you how many times a buyer client of mine has written a good strong offer on a home only to be beat out by a cash / no contingency buyer, especially in the under $100,000 price range.   The market is toughening up with homes selling much quicker, and with more offers in on one home than I’ve seen in 16 years.

My advice to buyers who are using a mortgage?   Have ALL your ducks in a row.  (Not just a pre-qualification, but a strong pre-approval letter with perhaps an additional letter from your lender stating that your credit scores are high enough for the mortgage, that you have sufficient work history and funds to close, etc.)    Also, if you know there are multiple offers on a home then make your offer your “highest and best” right from the start.  Ask your buyers agent to review all the comparable sales on the home for the past 90 days so that you can make a confident, educated decision about the market value on the home.

Happy house hunting and good luck!

Kris Wales – a partner for your real estate needs in Macomb County MI
SEARCH homes for sale in Metro Detroit
Contact Kris – (586) 536-5453

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