In the current housing market, Florida residents and others looking to buy a home should be ready for a bidding war on any property that they are interested in. A combination of low inventory and an influx of new buyers has resulted in higher home prices. To improve the odds of winning a bidding war, it can be a good idea to make a cash offer.
Doing so reduces the odds that a seller rejects an offer out of fear that it will fall through. It also makes a person more competitive against investors who are likely to make a cash offer. Alternatively, it may be possible to win a bidding war by offering to buy the home even if financing falls through. In such a scenario, an individual would be obligated to buy the home regardless of whether he or she qualifies for a mortgage.