Having the right financing is essential to winning a multiple offer situation, and today we’ll discuss three pieces of advice related to this point.
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Today’s market is extremely competitive for buyers. So when they’re up against multiple bids from other buyers on the same house, what can they do to make their offer stand out? Today’s topic marks the first installment of my series that addresses that very conundrum.
Our team’s preferred lender, Michael Treon, is going to help me cover the answer to this. Let’s kick off our discussion with three things buyers should do to set themselves up for success.
1. Get fully approved. Winning in a multiple offer situation starts with getting the right financing in place. Getting fully approved and underwritten, not just pre-approved, is essential. A full approval will allow you to be competitive in the marketplace because it eliminates the need for you to include a loan contingency on your offers. Today’s sellers are looking for the cleanest possible offers because they want to close quickly and without issue.
“WINNING IN A MULTIPLE OFFER SITUATION STARTS WITH GETTING THE RIGHT FINANCING IN PLACE.”
2. Select a lender who can provide financing the performs like cash in the market. Over 30% of buyers in today’s market are submitting all-cash offers. These offers easily win out against those with conventional loan financing because they allow a shorter close of escrow. Therefore, it’s very important that the offer you submit can stack up against ones such as this. Michael Treon and his team are able to provide buyers with financing that allows for an exceptionally fast close of just 17 days.
3. Consider all loan options. Don’t limit yourself by looking exclusively at 30-year fixed mortgages. The reality is that most homeowners won’t stay in a property for the full 30 years, so it’s critical to consider alternative loan options. There are a lot of opportunities to secure a home with a loan product that makes sense for your personal circumstances.
Now that you understand how the right financing can boost your success in multiple offer situations, be on the lookout for part two of our series. Next time, we’ll talk about how to access off-market properties, and how doing so can help you find a home in today’s competitive market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
To view Michael Treon’s mortgage pre-approval process, click here.
Michael Treon, Senior Mortgage Loan Officer
PNC Bank | NMLS ID: 339550
michael.treon@pnc.com | pncmortgage.com/michaeltreon
(Office) 415.505.7558 | (f) 844.274.9911
