Have you tried to purchase a home in the past year and lost out in multiple offers? Frustrated with losing properties due to the heavy percentage of all cash buyers? As a buyer’s agent I have been successful helping my buyers, who are getting loans, be the successful purchaser of properties.
In this competitive seller’s market, there are many ways I position my buyers with loans above the competition. There are many ways to “sweeten the pot” for sellers. Simple but meaningful items in and with the offer, such as a personal letter, a cost-free leaseback or taking on the expense of the home warranty can set you apart from offers at a similar price point.
The roadblock that most buyers face with getting a loan is the length of the loan and appraisal contingencies. With a high percentage of cash offers in the Los Angeles real estate market, buyers getting loans are subject to lender backlogs and have no choice but to write offers with 21 day loan and appraisal contingencies. But there is a solution out there to help you compete against all cash offers, as well as multiple offers.
The majority of buyers getting loans submit a standard pre-approval letter with their offer. There is an Advanced Review pre-approval process offered by a select few mortgage brokers. It strengthens both the offer and the buyer, by reducing the number of days in the loan and appraisal contingencies. By going through the advanced review process, the file gets reviewed by a live underwriter. This identifies any issues or challenges prior to opening escrow. Loan conditions are created up front and strengthen the file. It significantly reduces the close of escrow time and helps you compete with the timeframes of all cash offers. Best of all, the advanced review process is free!
By going through the Advanced Review process with First Capital, you, as a buyer, will be considered more committed and truly qualified for the process. Contact me or Simon Atik, Sr. Loan Officer, First Capital at 310-434-1735 or simonatik@firstcapitalmtg.com to find out how you can stand out from the competition!
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