The key to winning multiple offers is often as simple as a lender approval letter. Lenders pre-approve buyers for loans before they begin house hunting. Make sure you give the loan officer complete information about your assets, income, and debts, so they can tell you what price range to consider so you can be sure that you can afford the home in the first place.
Pre-approval will make your offer much more attractive to the seller when they see your offer. Conditional loan approval is even better. Check with your loan officer to get a commitment letter while you are searching for homes and before you make offers. Such approval may be subject to appraisal of the home, title search, and other issues that will arise during escrow.
When you are one of multiple offers, you may feel yourself competing with other buyers. You offer will be more appealing if you include your signed pre-approval letter because the seller can feel more sure that you are able to obtain financing. Ask your agent to also limit your “financing contingency” to no more than 14-21 days.
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