Oh, and when a home is listed, there is a mad rush to set up showings and tons of multiple offers.
So, here are some creative ways to help your buyers GET the place that want to call home.
Pre-Approval Letter: While you may already require your buyers to get a pre-approval letter before you show them homes, there is actually more to it!
Make sure that the pre-approval letter is REAL — meaning that the lender has entered the buyer’s information into the loan approval system that is connected to Fannie, Freddie, FHA, VA or USDA.
When showing them homes, make sure the lender is available during that time to answer any questions the buyer may have regarding down payment or monthly payments.
Make sure that the pre-approval letter is from a recognized lender — and not from the Bank of the Internet. If the listing agent/seller does not readily recognize the lender, your buyer’s offer may not be accepted.
Get a pre-approval letter for MORE than they want to qualify for. When making an offer, they may have to pay more than the listing price, and if the pre-approval letter is for a lessor amount, the offer may not be accepted either.
Earnest Money: In times of stiff competition, have the buyer write out an earnest money check (even though it won’t be deposited until the offer is accepted) and present it with the offer.
Increase the dollar amount of the earnest money over and above the standard percentage to show that your buyers are very serious buyers.
Buyers’ Letter: While this may be standard practice, here are some tips to kick it up a notch.
- Include a photo of the entire family.
- Ask each member of the family to write something about why they want to buy that home. For children who are not able to write, get their verbal reasons and ask the mother/father to put it in writing for them.
- Not everyone is a “writer”. Help them write/re-write the letter if you don’t feel that they have emotionally expressed the reasons the home would be a perfect fit for them.
I would love to be your lender and start out by making sure your buyers qualify for a mortgage loan.
Please share other ways that you have used to get your client’s offer accepted when there are multiple offers.