How do I win an offer or bid...
I commonly get this questions from my home buyers.
My response is simple.Â Yes, become qualified
rather than pre-qualified.Â TheÂ urgency or senario maybe as a seller, they may want to know ifÂ they haveÂ any possibilityÂ of losingÂ the ability to buy that home and close concurrently
with the houseÂ they areÂ selling.Â Â They need my buyer to be equally strong or stronger to close on schedule.
Becoming qualified first is meeting with your bank or lender and have a full approval pending appraisal.Â This means having all your documentation in; ie, Paystubs, Tax Returns, w2's, Bank Statements, Insurance information, any letters of explanation that is needed and the underwriter has cleared every possible condition that is needed from your part.
Having a fully qualifiedÂ letter of approvalÂ from your lender or bank proving your validityÂ is more enticing to the seller rather than a pre-qual.Â Prequal meaning just based off of credit you look like a great candidate to be approved with subject to conditions.Â
I also recomm my clients to be not so fixated on rates.Â You have not locked your rate as of yet, and until we know you have won the bid or offer we will lock according to time estimated to close.Â To explain; the cost to lock a loan for 60 days may be more costly than to lock a loan at 15 or 30 days.Don't be cheap with your offer
.Â We all want a great deal, but lets understand that a great deal is based on perception.Â If you buy this home and the value is greater in 5 years time, this is a great deal.Â You bought at the perfect time.Â Always look at what the purchase is doing for you now and in the future.Â If you plan to rent it for a time or sell after a couple of years because of a job move, ask yourself, why finance at a full 30 year fixed?Â Why not maximize your payment affordability per month and get a short term fixed rate or an adjustable?Â Some some things to consider.
Win your bid by being the strongest buyer you can be and be qualified to do so.Â Listen to your realtor and loan officer.Â Allow them to do thier job.Â Relax and be at ease with the process.Â THe pressure is on the realtors envolved and the loan officer/ lender to proform for you.
If you have questions or are looking to be qualified to purchase your first or next home, please e-mail me at Manuel.Amaya@BBVACompass
.com or call me at 480-783-6775, option "0".
The programs I am able to offer are designed to match the need of my clientsÂ when they qualify.Â I work for the Bank so rates are at the cheapest.Â What makes me different is in service to my realtors and to my clients.Â I believe honesty is the best policy and so is communication.Â
I truely hope this helps you and I wish you much success in your home purchase.
Helping People Finance HomesÂ Since 1988