Put the odds in your favor
Home buyers in many areas are finding themselves in a seller’s market right now. More often than not, buyers are reporting bidding wars.
How can YOU improve your odds of winning?
It may take more than just offering a little more than the asking price. Here are some ways to enhance you chances:
Get a strong pre-approval (1A) letter. This is considered a must-have because it proves you can close the deal. Ideally, a comprehensive review of all your financial documentation and credit before you make an offer.
Be prepared to act quickly. Bidding early can sometimes be just as important as offering the right price. Settle on the type of home and the location you want so you’ll be ready when a property is available.
Understand home price vs payment. You could lose the house they really want if you won’t budge over a certain price. But price is only one factor in the payment. Spending a little more may make only a small difference in your monthly payment.
Consider full price of ownership. If the home you’re bidding on is newly built or renovated, you may spend less in maintenance or utility costs. The savings could offset a higher monthly payment.
I can help you be as prepared as possible to win the bid on the house you love.
Contact me today so I can connect you with the right lender to help you take advantage of current opportunities and get into your new home!
1A pre-approval is an initial determination of an applicant’s ability to borrow up to a certain amount. It is based upon certain assumptions resulting from an initial review of incomplete credit information criteria. A preapproval is not an approval of a completed application nor is it a commitment to lend or a guarantee of any particular loan product, features or terms. Final loan approval follows a comprehensive analysis of an applicant’s creditworthiness, the satisfaction of all product-specific underwriting requirements and conditions and property acceptability and eligibility.
Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and lender terms and conditions. Programs subject to change without notice. Some restrictions may apply. Not a commitment to lend. For real estate professionals. Not for distribution to consumers.
info courtesy Ryan Buckholdt, Flagstar Bank, Ryan.Buckholdt@flagstar.com