Since you can’t just keep raising your offer when you bid on a new property, the
trick to appealing to the seller and getting your bid approved is to include an actual
pre-approval letter with your offer.
This is a commitment letter generated by an underwriter, and not just a
Don’t know if you have an actual real pre-approval letter? Contact me today!
An actual pre-approval letter requires the same basic information as a full mortgage approval, so once you have it, you are already partially done with the financing process.
Major Benefits of an Actual Real Pre-Approval in 2017
1. Raises the Chances of Your Offer Getting Accepted
An actual pre-approval letter provides confidence to the seller in your offer since you not only have shown you can get your home loan, but you’ve proven it. You have also demonstrated your seriousness and a potential ability to close quickly.
2. Allows You to Strengthen Your Bid by Waiving the Mortgage Contingency*
In many cases, with a loan commitment letter showing you have already been approved for a loan, there is no need to include a mortgage contingency in the contract of sale. This is another confidence booster to any seller, giving you an even better chance to have your offer accepted.
(*Always be advised by a NYC real estate attorney before signing any contract of sale in the city. Need referrals? Email me today.)
3. Provides Genuine Comfort
An actual pre-approval letter gives you the confidence that you not only can afford and obtain the mortgage you want, but that you already have most of your financing in place before you even start shopping for a home.
Contact me today to discuss a fresh pre-approval, so you are in the best position possible this buying season.
Things are super quick with me and my team since we do the underwriting in-house.
Submit your offer with confidence – contact me today.