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How to Win the Deal in a Seller’s Market
Your offer needs to stand out in this seller’s market.
Today, demand for homes exceeds supply and there are more buyers than sellers. Buyer’s demand for houses exceeds seller’s supply and as a result, home values rise and the sellers have an advantage.
This is real demand fed by a good economy, not loose lending like in the past. Borrowers now have to meet more stringent Fannie Mae, Freddie Mac and FHA guidelines.
Mortgage rates are still historically low and higher rental prices continue to support the current seller’s market. Buyers need to stand out in these markets or they will lose to other buyers. It is in the Buyer’s best interest to work with an experienced professional to make the best offers.
The Key to a Strong Offer
Of course, the offer price matters, so come with your highest. But, price is not everything. Here are the best ways to make your offer stronger than other buyer’s:
Get a pre-approval with verification of credit, income, assets and employment. Click here to get pre-approved now.
– Have your approval underwritten before you make an offer
– Disclose your Fannie Mae/Freddie Mac or FHA AUS Approval Findings (Automated Underwriting System)
– Write a motivation letter to show the seller you’re not just another name on a piece of paper.
– Be willing to be flexible on “secondary terms” such as:
– Larger Deposit
– Flexible Closing Date
– Short Loan Approval Contingency Period
– Shorter Inspection Period
– No contingency on the sale of another home