You put an offer on the home you want and whether or not there are other offers outstanding, just wishing won’t get you the home. There are some strategies that can be used to help you win the day.
Strategy number 1: Get your mortgage pre-approved. This doesn’t mean a quick pre-qualification, but a full pre-approval. Not only does this keep you from overspending on a home, but it shows you have your stuff together.
Here is the message the seller gets when a buyer has pre approval for a mortgage: This buyer can afford my home. This buyer has his/her finances in order and has good credit so there is less of a chance of a snag in the process. This buyer can make the process faster because they have the mortgage process already underway. This buyer is SMART.
Be forthcoming with your financials
Next strategy, be a financial open book. Be sure to have proof of your down payment funds and provide them to the seller. When they know you are serious and have the down payment available now. This is especially helpful if there are more offers than just yours.
Another buyer who may be less forthcoming or not have their down payment quite handy will make you look better if you are and do. If you need some extra umph, have your loan officer call the seller’s agent to update them on progress on your mortgage and such. Hearing from the person making the decision give a plug on your behalf as to your creditworthiness can be a huge help.
If you can, increase your down payment
It shows you are serious and able. Sellers like the idea that their buyer has the wherewithal to purchase, and the competitiveness to make it happen. Other ways to show the same thing can include waiving certain contingencies. Take some risk, just be careful and don’t completely throw caution into the wind.