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Home Buyer Secrets

Five Steps to an Aggressive Offer 

Get Pre-Approved with a Reputable Lender

You can get Pre-Qualified or even better... Pre-Approved with a Reputable Lender.   A pre-approval means the lender has reviewed your documents rather than just going off of your application.  This type of letter is stronger and lets the Sellers know you mean business. The Reputation of your lender does have an influence on the Seller's choice, some agents pass on offers with certain lenders because of previous negative experiences.  Their job is to protect the Seller and help guide a smooth transaction, so they are looking for a buyer with a lender who is going to contribute towards a smooth, timely closing.  So before you choose your lender, find out their local reputation.  We have a wonderful list of lenders we can recommend that have made a difference in our clients' offers being accepted.

Offer to Pay the Title Policy

Title policies are required when using financing, and who pays for it at closing is negotiable.  Typically, the seller will cover this expense. However, we are currently still in a sellers' market, so to help your offer stand out, offering to pay for a title policy can strengthen your offer tremendously. For example, a $400,000 home will have an average title policy of roughly $2500.

Shorten your Timelines

All timelines and contingencies have the ability to be changed. There is no standard. When you have your agent put together your offer, there are a couple of timelines that you can be more aggressive with. First, is the option period timeline. This is the period at which you can have the property inspected, negotiate any necessary repairs or terminate the contract if you choose.  Other timelines you can shorten would include Third-Party Finance deadline, Contingency deadline, and closing date.  Have your agent make sure everyone involved can reasonably meet the offered deadlines.

Appraisal Waiver

Are you offering MORE than the list price of the home?  If so, then you will want to include an appraisal waiver.  This tool allows qualified home buyers, using CONVENTIONAL loans only, to waive the right to renegotiate the sales price due to a low apprasial. There are full waivers and partial waivers and your agent can help you decide which one is best for you.  While this is not a direct option for FHA and VA financing, rest assured, there are similar solutions available.

Offer the Sellers a Leaseback

Many sellers are not immediately ready to move out by the closing date. Did you know that you can lease your newly purchased home back to the sellers? By offering a lease back to them after closing (up to 90 days) you can help make their transition more convenient. Sellers are extremely thankful to have this included in offers for their home.  Anything to help make the Sellers transition easier is a positive mark for your offer!
We wish you the BEST in finding the RIGHT home and getting your offer accepted!

Don't have an agent yet to help you write a winning offer?  We would be honored to help!