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How To Get Your Buyer’s Offer (or Counter-Offer) Accepted - Thinking of Buying a Home in Sacramento
Mike and Jennifer Rigley (buyers) 916.378.4671 / (sellers) 916-660-5823
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I ran across this interesting article written by Steve Cook in Realtor Magazine that I thought I’d share with you.
When inventory is tight, every advantage you can give your buyer client to get their offer accepted is key. Here’s what you need to know about pre-approval and counter-offers in the home buying process.
These days, when lenders compete on the speed of their pre-approvals, not all pre-approvals are created equal — especially when it comes to documenting income. Pay stubs and W2s once were considered sufficient proof of income, but now tax returns have been added to the mix, even for salaried employees.
Most borrowers with pre-approval letters from lenders fail for to qualify for a mortgage because they failed to update their financial status between the time that they are pre-approved and they make an offer on a home. Pre-approvals are usually good for only 60 to 90 days because a borrower’s financial status can change due to a change in the buyers’ debt burden, in income or a change in their credit score.
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