Beating All Cash Offers in the Sellers' Market of Reno NV

[Lana Sheta]

Financed offers have been getting crushed in Reno these past few months. Here are a few things that I've noticed have helped buyers beat all cash buyers in this market. 

1. Large down payments paired and a waived financing contingency. If you can offer more than 20% and you're fairly confident your file will get through underwriting, waiving the financing contingency is a major signal to sellers that you'll be able to close the deal. 

2. Waiving the appraisal contingency. In this market, failure to appraise hasn’t been much of an issue so you might consider waiving the appraisal contingency or agreeing to come up by X,000 to make up for a low appraisal.

3. Modified inspection contingency: If you choose to keep an inspection contingency, include language that suggests that you won’t back out or ask for credits unless a major issue costing more than X,000 to repair arises.

Other than that, larger earnest money deposits, looking at cheaper, older listings, writing personal letters, and escalation clauses might help too.

Anything you can do to convince the seller that you can close the deal at a higher price than all cash buyer will help your offer win.

Good luck! It's brutal to be a buyer right now. 

[Ladd Austere]

@Alex Ficco. Hi Alex, Question for you that is totally off topic. Can you recommend an electrician in Sparks Reno area? I have a rental townhouse where the light bulbs all burn out every few months. (If you know a better place to post this type of question please let me know!). Thanks!