If that is the home you truly want, offer your absolutel best. If you can afford the closing, don't ask for it. That in itself can knock you out of the park.
My 1st home was a foreclosure. My bid was $50.00 over anyone else. But my credit, employment, and income was excellent. It can all make a difference.
Any questions, please call me at (661) 255-3335. I'd be happy to help where needed.
Cheryl Garner, Mortgage Expert
Fairview Mortgage Capital, Inc.
I very much agree with Keith's idea that write a letter to the bank, let them know that the house meets your every needs. It worked for my client on REO property.
If the property meets your needs, then put yourself in the seller's shoes. You need the best offer.
Best has a couple of criteria (IMHO)
Contingencies - no sell your property first
- can close in 30 days
- negotiation on repairs vs. as is sale
How long are you planning to stay in the property? If it's really want and meets your needs, I'd also write a letter to that effect. If you can find out what the other offers are, that will help;
If not, have your Rrealtor run some comps and see that the true market value is. I had a client lose a purchase because they "had to have " their price...I think now they are regretting it.
Obviously you are submitting a pre=approval letter that basically says as long as the property appraises, you will get the loan. Try not to submit a pre-approval that is a photocopy, it should address the lender by name and reference the property address.
I'd also include prof of your downpayment funds.,
The SVC agent is right - the higher net price you can pay and the stronger a buyer you are, the more favorable the bank looks upon you. All things equal (the net amount), the more solid a buyer you are the better. Have closing cost shows you are prepared, have more in stake; on top of that, it'd be easier for the appraisal to come in at listiing than 3% higher than listiing.