Articles
Give your offer a competitive edge
by Maria John Senior Mortgage ExecutiveThe 2020 housing market will continue to be competitive, with rates and inventory remaining low. Be sure you understand the various options available to you to strengthen your offer. This may be the difference that gets you into your dream home.
Escalation Clause: An escalation clause states that the buyer is willing to outbid other offers by a certain amount up to a capped price. Both agents and the seller need to understand the clause and how it works. Be sure other offers are legitimate (bona fide). The increase needs to be realistic, especially if there are other important issues for sellers to negotiate, for example the closing date. Don’t forget the appraisal, if it comes in too low that could create other problems.
Hire a Home Inspector: More frequently, buyers are hiring a home inspector for the day to attend open houses with them. The benefit is buyers may decide to waive inspection contingencies, making for a stronger offer.
Waiving Mortgage Contingency: By waiving the mortgage contingency, a buyer is stating they will forfeit their deposit if they cannot qualify for financing. One way to minimize the risk may be through Fairway’s Fast Lane program, see below.
Fairway’s Fast Lane Program: This gives the buyer an underwriter’s approval upfront, ensuring they are a better candidate and are ready to close, pending the property appraisal. The buyer goes through the underwriting process, and begins house hunting secure that once they find a home, they can go under contract and order the appraisal. Call me for more information.
Cash purchase/refi: Finally, if buyers are able to make a cash purchase, they may have the option of refinancing after the fact to pull their cash back out of the house. Be sure you speak with your lender before paying cash to understand the process and timing of delayed financing.
As always, we are here to answer questions you may have, or get you pre-approved as you begin the search for your new home.
So, If you are interested for booking your dream home, Contact to Fairway Independent Mortgage Corp!
Ref.Source:https://www.fairway-newengland.com/blogs/give-your-offer-a-competitive-edge
Escalation Clause: An escalation clause states that the buyer is willing to outbid other offers by a certain amount up to a capped price. Both agents and the seller need to understand the clause and how it works. Be sure other offers are legitimate (bona fide). The increase needs to be realistic, especially if there are other important issues for sellers to negotiate, for example the closing date. Don’t forget the appraisal, if it comes in too low that could create other problems.
Hire a Home Inspector: More frequently, buyers are hiring a home inspector for the day to attend open houses with them. The benefit is buyers may decide to waive inspection contingencies, making for a stronger offer.
Waiving Mortgage Contingency: By waiving the mortgage contingency, a buyer is stating they will forfeit their deposit if they cannot qualify for financing. One way to minimize the risk may be through Fairway’s Fast Lane program, see below.
Fairway’s Fast Lane Program: This gives the buyer an underwriter’s approval upfront, ensuring they are a better candidate and are ready to close, pending the property appraisal. The buyer goes through the underwriting process, and begins house hunting secure that once they find a home, they can go under contract and order the appraisal. Call me for more information.
Cash purchase/refi: Finally, if buyers are able to make a cash purchase, they may have the option of refinancing after the fact to pull their cash back out of the house. Be sure you speak with your lender before paying cash to understand the process and timing of delayed financing.
As always, we are here to answer questions you may have, or get you pre-approved as you begin the search for your new home.
So, If you are interested for booking your dream home, Contact to Fairway Independent Mortgage Corp!
Ref.Source:https://www.fairway-newengland.com/blogs/give-your-offer-a-competitive-edge
Sponsor Ads
About Maria John 
Senior Mortgage Executive
8 connections, 0 recommendations, 43 honor points.Joined APSense since, November 21st, 2019, From Madison, United States.
Created on Aug 12th 2020 05:27. Viewed 299 times.
Comments
No comment, be the first to comment.
