Why The Right Lender Can Get Your Offer Accepted

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 moving.
  • 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 Number 1.

So how will the best lender get you the acceptance?

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 negotiating!