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Potential tactics to gain an edge in real estate purchases

On Behalf of | Aug 1, 2022 | Uncategorized

If you’re looking into buying a piece of real estate, you may find that the competitive market makes this difficult. In some cases, properties are selling consistently for much more than they’re even listed for. Additionally, many properties are going on and off the market in just a few days, so there’s not much time to negotiate.

What you need is an easy way to give yourself the edge when negotiating for the purchase. Here are a few tactics that you may want to consider. Please keep in mind that they are not correct in all situations, but they give you an idea of the types of things you can do to give yourself a better chance of making the purchase.

Removing contingencies clauses

One potential option is to remove any contingencies from your offer. For instance, most buyers are going to put a home inspection contingency in the contract. They will offer a certain amount of money and then they are bound to honor that if the offer is accepted, with the exception of a home that fails an inspection. This contingency clause is designed to protect buyers.

However, removing the contingency means that the seller knows a home that fails inspection is still going to be purchased. This is obviously something of a risk to you as the buyer, but it is also going to be a massive benefit for the seller, so you may get the property over someone else.

Paying in cash

Another option you can consider is to avoid the mortgage route altogether. You can simply agree to buy the property in cash. If this is an affordable option, cash offers are often preferred over other types of financing. In fact, there are situations in which buyers will take less money if they know they’re going to be paid immediately in cash than if they have to wait for the bank to get final approval on a mortgage.

Working through the process

Deciding how to make your offer attractive is just one aspect of purchasing property. As you work your way through the process, make sure that you know about all of your legal options.