The Top 2 Ways to Get Your Offer Accepted
With the house buying season in full swing, and now that more homes are suddenly on the market, homebuyers need to know the top ways to get their offer accepted by the seller.
The Number One Way to Get Your Offer Accepted
The number one way, of course, is to offer more money than anyone else and to offer cash. But let’s face it – most of us can’t afford to pay cash for a house. So how do you separate your offer from the many other offers a seller receives?
The Best Way to Get Your Offer Accepted
Assuming your offer is competitive, meaning you’re not hoping the seller will accept your offer for less than the listing price, the best way to get your offer accepted is to have your financing in place with a reputable, local lender.
Sellers want to know your loan is going to close, and they want to know it’s going to close by the date listed in your offer. If a seller receives multiple offers at the same price, and they all involve financing (meaning no cash offers), any good listing agent is going to urge their client (the seller) to accept the offer being financed by a reputable, local lender.
What Makes a Lender Reputable?
- Lots of experience. Many lenders sell millions of dollars of loans each year, but you should be using a lender that sells billions of dollars of loans each year. Our company (Cherry Creek Mortgage) sells more than $3 billion of loans year after year. When a company sells that many loans, they have the experience to deal with any issues that might arise.
- Willingness to talk to the listing agent if they have any questions about your financing. Listing agents routinely call us before accepting an offer. They want to know if we have reviewed your loan documentation, if we have run your loan file through the underwriting software, and if we think your loan is going to close on time. Those are all fair questions, and we never issue a pre-approval letter without knowing that your loan is going to close.
- Short turn-times. Many lenders routinely take 45-60 days to close a loan. We close our loans in 30 days or less.
- Local loan officers. You want to make sure your lender lives and works where you are buying a house. Local lenders know the local conditions. They know the real estate agents, they know the title companies, they know the appraisers, they know the insurance agents, they know the home inspectors. Knowing how things get done locally is invaluable. Our home office is in Denver, our corporate office is in Greenwood Village, and our branch offices are in Wheat Ridge and Denver. We know how things get done in the Metro-Denver area.
- Local underwriting. Underwriting is the process of approving your loan. When the underwriter works locally with your loan officer, there is never a delay when questions arise. All it takes is a quick phone call and we have all the information we need to make sure your loan closes on time.
- Local appraisals. When we order an appraisal, it’s not done the way it’s done with many lenders – ordering the appraisal from a nationwide appraisal management company and hoping that it gets done on time by an appraiser who knows the local market conditions. We order our appraisals directly from our Denver corporate office, and our appraisal orders are completed quickly by knowledgeable local appraisers who understand the local market.
- Local loan processing. Want to know what frustration is all about? Have your loan application be processed by someone in another state. Our processor lives and works in the Denver area. No delays, no frustration, no problems.
- Local funding. We fund our own loans and our staff makes sure that everything is complete before the closing. That means the money is always at the closing, and it means there aren’t any closing conditions. When you sign the last piece of paper, the closing is finished.
Not every lender is the same, and not every pre-approval letter is the same. If you want to make sure your offer is accepted by the seller, use a local lender with a solid reputation for closing loans on time. Other than offering more money than anyone else, and offering cash, it’s probably the most important thing you can do. Give us a call to get started on your way to home ownership today.