GettingYourOfferAccepted
ByJaysonStebbinsMortgageProfessional
JaysonStebbinsisa25yearveteranoftheMortgageBankingindustryandanAccreditedMortgageProfessionalthroughtheMortgageBankersAssociation.HegrewupinMorganHillandcurrentlylivesinGilroy.HeisthelocalBranchManagerofGuildMortgage,a58yearoldMortgageBankingfirm.HisofficeisinMorganHillandservesallofSantaClara,SanBenito,andMontereycounties.YoucanreachJaysonandhisTeamat408-825-0220oratjstebbins@guildmortgage.net
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heSpringandSummerbuyingseasoniswellunderway.Homesaresellingquickly,manytimesovertheaskingpricewithmultipleoffers.Sohowdoyoumakeyouroffermoreattractivetothesellerwhentheycontrolthemarket?
Manyclientshavebeenstrugglingwiththeideaofselling,knowingthattheymaynothaveaplacetogoorgettheirnextpurchaselinedupintimeduetolowinventory.Sowhatdotheydo?Contingentoffers(anoffertobuyahomethatrequiresasaleorsomeotherconditionsfirst)arenotinvoguerightnow,sowhatcanyoudo?
FULLAPPROVAL:WeallknowthatpreapprovalsareamustbeforeyouevenshoporengageaRealtor,butwhatisa“fullapproval”?Thisiswhenyourloan,evenwithoutapropertyidentified,isfullyapprovedandunderwrittenbytheLenderandreadytogoonceapropertyhasbeenidentified.Thiswillminimizethenumberofcontingenciesonyouroffertopurchase.ManyLenderswillallowyoutogetfullyapprovedtostrengthenyouroffer.
BRIDGELOANS:Ifyourcurrenthomehastheequityyouneedtobuythenewhome,sometimesyoucanaccessthatthrougha“bridge”loan,whichactsjustasitsounds,borrowingasatemporarybridgetohelpyouavoidacontingentoffer.Onceyourhomesells,youpayoffthebridge,butyouarenotsubjecttothatforthenewloan.Bridgeloansaretricky;theycanbeexpensiveaswellsobesuretodoyourresearchwithatrustedlendingsource.Youcanalso
trytoqualifywithbothpayments,byreducingthedownpaymentonthenewhomeandcarryingbothloansforqualifying.
UNIQUELOANPROGRAMS:Thereareloanprogramsouttherethatmighthelpasyoutryandgetcreative.Somefallundertraditionallending,somearemore“portfolio”innatureandmaycostmoneyupfrontorcomewithahigherinterestrate.Theseincludeoptionslikeexcludingthedepartingresidencedebtifthehomeislistedforsaleandyouhaveanexecutedpurchasecontract.Therearealsoloansthatwillallowformuchhigherqualifyingratiosintheshorttermtofacilitatethetransactionbutrequirepoints(costs)upfront.
LETTERFROMTHEHEART:Thereareverylovelystoriesofsellerstakingslightlylowerofferstoaccommodateasaletoafirst-timebuyerfamily,asingleparent,oraveteran.Tellyourstory!Haveyourkidsdrawpicturesandincludefamilyphotosandtellyourstorytotheseller.Theymaybewillingtoacceptacontingentofferiftheyknowthatthehomewillgotowonderfulfamilylikeyours.Shamelessself-promotionisagoodattributeinthismarket.
LOCALPROFESSIONALS:Ihavementionedthismanytimes,butuselocalprofessionals.UsealocalRealtorandLender.Thelistingagentsliketoseelocalnamesonthepre-approvallettersandmaybemorelikelytotakeanofferwithlocalrepresentationthananationalcallcenterorBank.Goodluckoutthere!
JaysonStebbinsisalicensedmortgageagentinCAforGuildMortgageCompanyNMLS#38463;LicensedbyCADisclosure:LicensedbytheDepartmentofBusinessOversightundertheCaliforniaResidentialMortgageLendingAct.NMLSCompanyUniqueID3274;BranchUniqueID38480.Thepostingsonthiseditorialdon'tnecessarilyrepresentthepositions,strategiesoropinionsofGuildMortgageCompanyoritsaffiliates.Thisinformationisnotguaranteedtobeaccurateandshallnotbeconstruedasaguaranteeofloanapproval.Allloansaresubjecttounderwriterapproval,andaresubjecttochangewithoutnotice.EqualHousingLender.
GILROY•MORGANHILL•SANMARTINJUNE/JULY2018gmhtoday.com
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