Lets face it, winning in a bidding war is no easy task — especially in today’s market. Several loan officers, agents, and managers were asked to share their tips and tricks of how to prevail in a competitive market (outside of just submitting a higher offer). Here’s what they shared:
- Submit a mortgage preapproval from a reputable, local lender like Key Mortgage. A preapproval from an online, out-of-town, or big box lender can create doubt in the mind of a seller.
- Have a Key Mortgage loan officer call the agent to vouch for the strength of the preapproval.
- Submit a higher preapproval amount than what the seller is asking.
- Write the seller’s preferred closing date into the offer.
- Offer an above-average amount of earnest money.
- Increase the downpayment to 20% or higher.
- Do not include contingencies.
- Offer to pay some or all of the seller’s property tax at closing.
- Consider using appraisal gap coverage or appraisal waiver (if available).
- Offer a free rent-back to the seller for up to 59-days.
- Be clear to close in 21-days with Key Mortgage!
For more ideas about how to win your next deal and how Key Mortgage can get you to the closing table faster, reach out to a Key loan officer. We have your back 24/7.