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Downpayment Myth

down payment myth

If you’re shopping in a competitive market, you’ve likely heard horror stories about first-time buyers getting snubbed over investors or all-cash buyers. If you’re working with a loan and a small amount down, it might seem like your chances of getting picked over the other guys are slim to none.

There is some truth to this belief. Cash offers offer one big benefit to a seller: They’re guaranteed to close on time with no loan approval hiccups.

But this assumes that sellers care most about a fast and certain close, and that’s not always true.

Often, if you make the bigger offer, or you write a killer personal letter that resonates with the seller, you stand a better chance of getting approved over an all-cash offer.

We seen it happen:

  • Beating out call cash offers with 10% down because the offer was a little higher.
  • Beating a higher cash offer because the buyers were a young family wanting to raise their kids in the home because that meant something to the seller.

Competing with All-Cash #Buyer? #Downpayment #TrustedAgent #FirstTImeHomeBuyer #NoDownpayment #FirstTimeBuyers #LowDownPayment  #DownpaymentMyth #CashOffers #KillerPersonalLetter

 

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Liddy Stevenson

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