Between 30% to 40% of all sales in the Bay Area are “all cash” offers. That’s a staggering statistic. How can the average buyer, who needs a loan, compete?
The answer is, you need a great team consisting of:
- A seasoned real estate agent who knows the area, the other agents, and will negotiate aggressively on your behalf.
- A mortgage broker who will go above and beyond to set you apart from others seeking loans.
Here’s a good beginning strategy:
- Don’t settle for a cookie cutter pre-approval letter. Ask your mortgage broker to create a customized letter showcasing your
- If applying for a Fannie Mae or Freddie Mac mortgage, include a customized approval letter from those entities. Both have automated online underwriting and a letter with your property address and offer can be generated within minutes.
- Get your loan pre-approved by an underwriter. Your mortgage broker can submit a credit application verifying your income, assets and credit scores with a property addressed to be determined later. This is a formal bank approval. It negates the need for a loan contingency period in your offer.
- Ask your mortgage broker to call the seller’s agent and explain your borrowing profile. That call, coupled with a stand-out pre-approval letter and an actual approval from Fannie Mae, Freddie Mac or a bank underwriter, does make a difference.
If you feel as if you, or your clients, are receiving only bare minimum service, we need to talk. Please call Mike DiVita 1 800 239-1103. Good financing is synonymous with a good buy.
