Elk Grove Home Buyers, Get your Offer Accepted

offer Let’s face it, in this Elk Grove Real Estate market, we are getting multiple offers on almost every property. There are some things you can do to ensure your offer is in the lead!
Here are 5 tips you can use that will strengthen a buyers offer and ensure your purchase offer stands out from the crowd.

1. Make Sure the Pre-Approval Letter Advises What Type of Financing the Buyer is Getting
It is always a good idea to get a pre-approval letter that acknowledges what type of financing the buyer is getting, and how much of a down payment they are using. If the buyer is using conventional financing, and is putting down 20-30%, make sure to write this into the pre-approval letter! It will usually be placed ahead of an offer that has little to no down payment.

2. Always provide a DU Underwriting Approval with the Offer
A DU is a Desktop Underwriter, they run your buyers information through Fannie Mae, FHA, or VA for either an approval or denial of the loan. A DU approval will display the most important information needed on a buyers profile, giving the seller a good idea of the strength of that buyer. The approval lists the buyers credit score, debt to income ratios, assets, down payment amount, and type of loan program they are approved for. You will want to make sure and include this approval in the offer.
Also note that the approval from the underwriter must match up with the loan program the offer being submitted for. It is not uncommon for a buyer to have an FHA DU approval, but is submitting an offer for a conventional loan.

3. Provide Proof of Down Payment Funds
Always provide proof that the funds for your down payment are good. You can do this with current bank statements, showing the balance is available for the amount you need. You will need to ensure you have enough for a 20% down payment AND a 2 month reserve.
If the buyers are going FHA and are getting a monetary gift from the parents, provide a copy of the gift letter from the parents.

4. Provide a Copy of the Buyers Credit Report
Few offers come in with this included. It is a good way to make an offer stand out. If the credit scores are very good, list them in the pre-approval letter and point this out in the offer. Include the first page of the credit report which lists the 3 credit bureaus and the 3 fico scores. Make sure to black out social security numbers for privacy issues. Including this shows that you are willing to provide full transparency and you are serious.

5. Make Sure Everything on the Buyers Offer is Current
If you are looking, and going to be submitting multiple offers on properties, you want to make sure your pre-approval letters and DU approvals are up to date. They need to be current at least in the past 30 days, so keep up with that.

The more work that is done upfront to ensure a buyers financial profile is solid, the better the chances of getting the seller to say YES to the offer!

We have lenders that we work with that will help get your finances organized, this way when you find that perfect house, you are ready to make the first offer! You don’t want to miss out on your perfect Elk Grove home because you are waiting on getting pre-approved.

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