With mortgage interest rates increasing, more home shoppers trying to tie down their purchase.
Lets face it, its a sellers market. Values are at all time highs, many homes are receiving multiple offers over asking price in many areas of California and the entire country. Some home shoppers are not only frustrated with the process of getting their offer accepted but they are also subject to the swing in mortgage interest rates experienced the last few months. In some cases these home shoppers have now not qualified and in other cases qualified for a smaller purchase price based on their affordability. As the market heats up even further this summer we wanted to give you 3 tips you will want to know as home buyer this summer to get your offer accepted. If this is your first time looking into owning a home or you are seasoned homeowner you will find this helpful in your search for your dream home.
TIP #1-Submit your offer with a FULL APPROVAL, Not a Pre-Approval.
Many years ago, agents expected you to have a 'pre-approval" for your offer to be considered by a seller. However in this day in age a "pre-approval" can essentially be offered to anyone at any stage of their loan approval process, even if they are not even approved. The term traslates to prior to approval. Most sellers will not take your offer as seriously seeing you have not been vetting out for a loan. If you are already working with a lender, ask them for a FINAL or FULL Approval so that you can include this in your offer. It will signal to the seller and his agent you are prepared and your offer should be taken serious. We have heard of sellers accepting lower offers that were better put together including having an FULL APPROVAL compared to just a PRE-APPROVAL. A FULL APPROVAL can only be issued after your income, credit, employment, and all factors have checked out with your mortgage provider. In addition to your offer standing out and being taken more serious, you will know up front exactly what you qualify for. If your rate is not locked you will want to address this with your loan officer to ensure this doesn't change your qualification. If your lender is not willing to issue FINAL OR FULL APPROVAL prior to closing this is a sign you are not yet approved. Ladera Ranch Home Loans can assist with a FULL APPROVAL in less than 72 hours from application in some cases. Call us if you need any assistance with a FULL or FINAL APPROVAL. 1-877-353-9527
TIP #2-Don't lose the home you want asking for small things that wont matter in the long run.
Some buyers are stuck in the 2009-2012 era thinking they can ask for the world when buying a home. Not only should they expect to pay near asking price but expect to compete against multiple offers. The days of the seller paying your closing costs, replacing the fixture you don't love, or replacing a bathroom vanity that is not your style wont be part of your next home purchase. During a buyers market, they hold the gold and make the rules. However it is just the opposite during a sellers market. We have spoke with Real Estate Agents that have reported some buyers have let deals fall apart on their dreams homes over nit picking small things that they could easily replace or fix on their own. With more than 1 offer likely coming in on any home, the seller will perceive you as easier to work with the less demanding you are. If you really want a home, go in with an open mind and figure out up front what you can live with and what you cant go without, don't lose the home of your dreams for something trivial in the long run that wont matter. Unfortunately it happens every day, don't let it happen to you.
TIP #3-Include a Hand Written Letter Explaining Why You Are Meant For This Home.
Call it what you want, but even a seller letting go of his home will have some preference on who he sells it to. After all, the neighbors are expecting you to leave a good neighbor in your place. We have interviewed several agents that support this theory. Including a hand written letter explaining why this house is the right fit and your appreciation and gratitude for them considering you a little closer. This is your time to shine, a heart felt letter winning over the seller on the your character may just be the best thing on your side to get your offer accepted. Someone who is pushy, unreasonable or treats the sellers as desperate may actually lose the deal, even if they put in a higher offer in some cases. Its the classic case of we all do business with the people we like and trust.
For more information on how to get your offer accepted on a home purchase contact Ladera Ranch Home Loans 1-877-353-9527
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