Over 60% of homes are being sold in a bidding war and over 25% of homes are being bought with cash. The only way to beat a higher bid, or beat the certainty of cash, is to offer more. But you may not be able to come up with additional cash or take a higher loan amount because of appraisal issues.
I have a creative solution that might be counterintuitive…By taking a slightly higher rate in exchange for a lender credit towards your closing costs, you can use the money that would have been spent on closing costs to up your offer. Your monthly payment will increase, but it may be something worth doing to win the home of your dreams.
Give me a call at 978-376-5389 to discuss this strategy.