A frustrating thing to encounter when getting ready to put an offer on a home is finding out that you are up against someone that has made an all-cash offer. All-cash offers often get chosen because it makes the process much faster and easier for the seller. However, don’t give up hope just yet. By hiring an experienced Waltham Real Estate Agent you’ll be able to have a chance at winning against the cash buyers! Your Waltham Realtor will walk you through some important steps that we’ve listed below that will give you a leg up on your offer. 

 

Get a head start on the mortgage

Waltham Realtors recommend reaching out to your mortgage lender to see if they can speed up the process a little bit. Find out what information they need from you and get it to them as soon as possible. Some mortgage companies are offering pre-commitment documents which help speed up the process. If the sellers are looking for a quick sale it’s important to be completely ready and prepared with your mortgage documents when you go to put in an offer. 

 

Pre-order your appraisal

It might be harder to pre-order your appraisal with larger banks, however, with smaller banks, mortgage brokers, and direct lenders you can get your appraisal put together in advance. Your Waltham Realtor will help you include this information in your offer so that the seller knows that your appraisal has already been ordered. 

 

Up your offer

Cash buyers often get a discount because they are offering cash. If you are able to, Waltham Real Estate Agents will recommend upping your offer on the home. To increase your chances, offering a little more on the home will help you out. If the difference between offers is decent enough, the seller will be intrigued and might not resort to automatically accepting the cash offer. 

 

Introduce yourself to the seller

If you believe this is your dream home, Waltham Realtors suggest writing a letter to the sellers to introduce yourself. This will help the seller get to know you better. Since I’m sure their home is special to them, they’ll want to sell it to someone who feels the same way about it. By telling them a little bit about yourself and why you love their home so much it might push them towards accepting your offer over the all-cash offer. 

 

Give the sellers what they want

Accommodating the seller’s needs is key!  It’s possible that they still need time to find a new home for themselves or they need to rent the home from you for an extra month or so. If either of these is the case and you’re able to make the deal and let them stay for a little longer, say yes! If it means getting your dream home, what’s waiting an extra month or so?

 

Contact a Waltham Real Estate Agent

Waltham Realtors are always here to give you the best advice and insight as you navigate the home buying process. You Waltham Real Estate Agent won’t let you down! Reach out today by giving Hans Brings a call at 617-968-0022.

 

While searching for Waltham Real Estate online you might often come across a listing that states it’s “contingent” or “pending.” If you’re not familiar with what these terms mean you’re probably confused as to what the difference between them is and whether the home is actually available or not. A Waltham Realtor is here to give you all the insight! 

 

What Does Contingent Mean in Real Estate?

When you see that a home is contingent it means that the seller has accepted an offer on the home, however, before the home is completely off the market some specific requirements need to be met. Once certain requirements are met the status of the property will switch from an active listing to a pending status until the home is finally marked as sold. 

 

What Does Pending Mean in Real Estate?

When you notice on a listing that the home is pending, Waltham Real Estate Agents suggest moving on from that home. A pending sale means that the offer has been accepted, the contingencies are all set, and the buyer and the seller are moving forward with the sale. A pending offer is the time period between the contingencies being met and the close of the sale.

 

Common Contingencies in Real Estate

As mentioned above, when a Waltham home is contingent it means there are still some requirements that need to be met before the sale can continue. Examples of contingencies include:

 

Home Inspection 

Buyers may put a home inspection contingency on an offer to make sure the home is in satisfactory condition prior to purchasing.  Home inspections many issues such as bug infestations, foundation issues, mechanical issues, or mold issues. 

 

Appraisal Contingencies

Appraisal contingencies are also often required by lenders to make sure the house is at least worth the price of the accepted offer. The appraisal will look into amenities, location, home add-ons, or other higher-value features that might add or detract from the home's value. If the appraiser finds issues that make the home worth less than the offer that was accepted there could be issues with the sale. 

 

Financing Contingencies

If you’re taking out a loan to purchase a home, Waltham Realtors will often suggest a financing contingency before the sale is final. A financing contingency allows you to back out of a sale if for some reason the loan does not end up being granted. 
 

Common Pending Types in Real Estate

There are a few kinds of pending sales in real estate, the common ones include: 

 

Pending - Short Sale 

A pending short sale means the home is awaiting approval from the bank. The bank has to approve all aspects of the sale which Waltham Realtors say could greatly slow down the closing process of the sale. Within short sales, deals often fall through because the banks take so long and the buyer ends up finding another home with a quicker closing process. 

 

Pending - Taking Backups 

When the status of a listing says “taking backups” this means the seller believes the deal is likely to fall through. Waltham Real Estate Agents say sellers may notice some financial problems or other issues and want to make sure they have some backup offers just in case. However, the offer has to fall through on its own, the seller cannot drop the offer if they happen to get a higher one. 

 

Can You Make an Offer on an Active Contingent Listing?

Until a home is officially sold you can always make an offer. However, Waltham Real Estate Agents say the best time to make an offer on a home is when there are no pending sales or contingencies in the way. The next best time to make an offer is when the pending status says “taking backups.” 

 

Contact A Waltham Real Estate Agent

If you’re looking for a reliable Waltham Realtor to assist you throughout the home buying or selling process, contact Hans Brings today! Hans will assist you every step of the way helping you get your dream home or the best possible offer on your current home. 617-968-0022