It seems like home offers are getting wildly out of hand. So how do you stand out when there are so many other buyers competing for the same house that you want? On average, I'm seeing buyers put in anywhere from 7 to 10 offers before they actually get an accepted offer from a seller.
So there's a quick way that your lender can actually help you win an offer. What your lender needs to do is you need to call the listing agent and help pitch you as a buyer. Pitch why the offer that you're putting in is going to be solid for the seller to accept.
This is going to help your offer stand out a little bit more because if your lender calls the listing agent and no other lender does with the other buyers, your offer is going to stand out even more showing the listing agent and the seller that you might have a stronger offer in you're more serious about purchasing that home. That way the seller feels like they have more competence in that deal coming.
So here's what your lender should say. The first thing is they need to talk about the extent of your pre-approval. Now, obviously, they're not going to share tons of detail and share your private information, but they're going to share the extent of your pre-approval. So how much have they checked your loan file?
The first thing is they're going to say credit was pulled. Because what happens with a lot of lenders is sometimes they don't check through stuff. Even when a buyer submits an offer and then the deal falls through and that's when listing agents and sellers tend to get a little upset. So we're going to talk about credit being pulled.
Also, they're going to talk about all of your documents are in, so they're gonna say, Hey, you know, we have the buyer's documents, we have the income documents or asset documents. We have everything we need, and we know that the loan is good to go so that it's going to close on time.
Then also the AUS or Automated Underwriting System was run with approval. Now, AUS is an underwriting software that most loans go through. So basically what they're saying here is, Hey, credit is good. We have income and asset documentation, and we've run everything through the underwriting software. So we know the loan is good to go. So you're not going to run into any issues.
The second thing is talking about the timeline of this as well. How quickly can they close the loan? Because sellers want to make sure that you can close on time and your offer is going to stick out more. If you can close quicker than other buyers who have a very similar offer.
So if your lender can call and say, Hey, we have all this stuff all ready to go. We can get this loan closed in 15 days, 20 days, 25 days, whatever that looks like, then that's going to help your offer stick out, even more, when the seller and the listing agent have some assurance on how quickly that can close.
Then finally your urgency and desire to buy. It's a buy again, your lender is not going to overshare information.
But with this can help the listing agent is how quickly you'll sign the intent to proceed. So when you go under contract, you have to sign an intent to proceed with a lender, basically saying you want to move forward with the loan, and sometimes the buyers tend to take a little bit too long in this process, but knowing that if the lender can communicate your urgency, they can explain how you'll be able to sign the intent to proceed quickly.
Then get the appraisal ordered that way things move quicker. Because the longer buyers take to sign the incentive proceeded means the longer it takes for the appraisal to get ordered, which means the entire deal takes even longer.
So here's how to get started and lenders are not going to do this normally. Most of the time lenders don't do it, or they've actually never done it, or aren't even familiar with how this could help your offer.
So, what you can do is you can ask your lender to talk with your real estate agent first. Don't have your lender do this without your agent knowing about it because your agent is the main person who is spearheading negotiations with the listing agent. So you can talk to your lender. Hey, can you reach out to my real estate agent? Here's their number? Can you talk to them and figure out a game plan for introducing yourself to the listing agent. Maybe they do that through a three-way call, or maybe you have the realtor give the listing agent a heads up that the lender is going to call, however, this works for them to facilitate the introduction so they can talk about this. Then your realtor might want to talk with the lender about maybe some different things that they should, or shouldn't say specifically to your scenario and your offer.
So this really should help you set yourself apart from the competition of all these other people that are putting in offers on a home because odds are in this market. If you're writing an offer, a lot of other people are, you might be going up against multiple offers that may have better terms than you. So you need to figure out a way to stand out amongst these other people.
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