Whenever you make an offer for anything,
you are a salesman. Successful salesmen know that the path
to “yes” is operating from the perspective of the person you
want to convince. So, put yourself in the seller’s shoes.
What does her care about? Right:
Getting his best dollar.
Getting it done one time only, he
doesn’t want the deal to fail and have to do it again.
Buying and selling real estate is too much work.
And because time is precious, having it
as simple as possible.
Accommodating his time frame for
Believing that his buyer is a person
who keeps their word and will perform.
All those other details like who pays
for what and title refrigerators, etc., come down to
So how will the best lender get you the
Writing a Pre-Approval Letter that will SELL you.
It should give the highest amount for which you can
qualify. This is America and money talks. Do people
listen more to people with money or people trying to
have money? Too many dumb lenders write the pre-approval
at asking price, which, if I am a seller and hoping for
my best price, caps his possibilities and his interest
in you. Your pre-approval amount does not mean the
property is worth that amount or that you should pay the
amount, that’s what the appraisal is for. It means if
problems do come up during escrow, you won’t back out
because you can’t afford it.
With your approval, they should provide
your FICO Score. This is a verification to half-savvy
sellers that you are what you say.
The Pre-Approval should confirm that
they are skilled and experienced at working with
appraisals. That doesn’t mean appraisal doesn’t matter,
but in today’s inconsistent market, too many appraisals
are poorly done and values are all over the place.
Their Pre-Approval Letter should
confirm that they can close in the offer time line.
True, a seller would not WANT to start over, but today
many sellers have back up offers, often at $5-10,000
more to induce cancellation, already on their table.
They CAN cancel and trade dollars for a few days.
It is nice if they use words like
“your credit report shows that you keep
your word and responsibilities.”
“If there are condition problems with
the property beyond what a seller would normally be
responsible for we can quickly switch you into a
purchase/rehab loan with no loss of time.”
The lender can’t do it all. A personal
letter from you to the seller, working with a real estate
agent whose practice and reputation make other agents want
to work with them, and being quick and thorough count too.
But a head start is never a bad thing when you are