New to Real Estate · NJ · Member since 2019 · 1 post · 0 votes
Is there anyone in the New Jersey area that has used a cash-offer company that could explain the process?
I have been putting offers on single family condos and townhouses for almost a year now and especially in the last 3 months, I have lost every offer to a cash offer. I heard about these companies that will give you the cash to make a cash offer but I want to get some more info before trusting a random google search. I am not looking for a hard money lender.
If anyone has any other ideas for how else to win an offer, I am all ears. I have gone over asking and waived inspection and those didn't seem to work with a traditional mortgage.
Is there anyone in the New Jersey area that has used a cash-offer company that could explain the process?
I have been putting offers on single family condos and townhouses for almost a year now and especially in the last 3 months, I have lost every offer to a cash offer. I heard about these companies that will give you the cash to make a cash offer but I want to get some more info before trusting a random google search. I am not looking for a hard money lender.
If anyone has any other ideas for how else to win an offer, I am all ears. I have gone over asking and waived inspection and those didn't seem to work with a traditional mortgage.
I heard on the Real Estate Today podcast last week that a buyer was successful after making 27 loan contingency offers by using her broker's cash offer plan. I can't remember the name of the brokerage.
The agency she was buying through provided the cash, I believe buying the house, then reselling to her in some fashion. Wouldn't work in transfer tax states I wouldn't imagine, but ask brokerages maybe. I bet more are starting to offer this in this market.
@Michael White - one way to win properties is to get them off market before they’re listed. For example, if you want a condo in a particular neighborhood, send postcards or letters to every owner in that neighborhood. (You May choose to do absentee owners only - properties that are rentals - and people who have owned for 5+ years or have substantial equity). I have a virtual assistant for $6/hour cold calling on a list of people in my area (found on propstream) who owe tax liens or are in pre foreclosure. I also have her calling people who are high equity (paid cash) and absentee owners (possibly tired landlords, possibly vacant properties). For about $50 in time, she comes up with a new motivated seller daily and it’s up to me to close that contract. It’s also possible if someone owns a property you want - they can sell to you subject to their loan or they can seller finance the property to you.