Home Investors
How can a prospective first time home buyer compete with investors?
I am currently in the market for my first home, but keep being outbid (or “cash bid”)by investors. I am pre approved and put in my offer the same day the homes hit the market. I have perfect credit and a solid health care career. Contrary to popular belief I have found that it is practically impossible to get into a home because everybody who cashed out 8 years ago are buying them up for rental property. I’m not hating, but how can I compete with this? Advice will be appreciated.
I Have been bidding to what my agent has been recommending as fair market value and even above. I don’t believe the bids are the issue, but the old saying cash talks. I have been often seeing the house at the same time as the investors who roll up 5-10 deep in their vehicles. I don’t have the resources to draw upon as they do nor the business and Real Estate connections (since they have been in the business), I just want to know how to compete. Is it “who you know?” or “who your Realtor knows?”
Banks are purposely offering up these “good deals” to get a bidding war going on. If the house and the price seem too good to be true, don’t expect to get it. Find one that has been on the market for awhile and make a lower offer on it.