Three ways you can make your financed offer stand out from the crowd.
So you have a financed offer, but you’re having trouble getting it accepted with all the cash flying around right now. Not to mention, there are a bunch of other financed offers you need to compete with as well. Here’s how you can get your financed offer accepted in a multiple-offer situation:
1. Get a full pre-approval. We need to compete with cash offers, so you should meet with your lender and get fully pre-approved. That means you need to give the lender all the paperwork they require: your bank statements, tax returns, etc. After that, they’ll let us know how much you can afford, how much money down you’ll need, and what your monthly payments will be.
Most importantly, you need to ask for a 12-day loan approval period. That way, when we submit an offer, we can let the listing agent know that we’ll only need 12 days to get a final approval letter on your loan. This will give you the ammo you need to get your offer accepted.
2. Make a hefty deposit. I like to have 3% of the sales price as a down payment. That’s usually between $10,000 to $30,000. This will help your offer stand out to the seller.
3. Present the offer in person. That’s right; I’m going to present your offer in writing to the seller and listing agent in person, so the seller can hear the details of your offer from me firsthand.
If you have a topic that you’d like me to cover in a video, call, text, or email me, and I’d be happy to talk about it. Of course, if you have any pressing questions, feel free to reach out as well. Make it a great day!