Having Trouble Against Cash Offers
Hello Bigger Pockets Community,
I'm finally ready to get into real estate. Chosen what kind of property I want. Gotten pre-approval for a 20% conventional loan and everything.
So far, in the past month, I've placed offers on 6 different properties.
Only 1 made it under contract but I had to walk away because of structural issues.
The biggest issue I'm running into is all cash offers.
Again and again I get told by my agent it's going to be a tough one to get because of the all cash offers.
Sometimes I'm even going $5k or $10k above asking but it still won't compete against cash offers that have removed the inspection contingency.
I'm thinking of approaching the selling agent directly so they are more likely to convince the seller to go with my offer because they get dou le the commission.
Just a thought.
Are others running into this issue?
Properties will stay on the market 24-48 hours and when they are picked up, it's an all cash offer with no contingencies.
I will keep trying but just a bit frustrated.