How a Mortgage Company Can Improve Your Buyer's Offer
As a Realtor in an extreme seller's market as we're seeing in so many markets around the country, wouldn't it be nice if every buyer you worked with was a cash buyer? While that's not reality, the mortgage company your buyer works with can make any offer just as competitive, if not more so, than the cash competition.
At Mason McDuffie, we are able to pre-underwrite a borrower's loan file before they find a home. As soon as they're ready to start looking, we can have income, assets, employment, credit, and many other aspects of the loan process reviewed in advance by an underwriter, leaving the only remaining item on the 'clear to close' checklist at finding a home and having appraisal, title, and insurance work completed.
Thanks to this ability, buyers that choose to be pre-underwritten can go into a contract with no loan contingency, and a sales process that lasts only as long as the appraisal, title, and insurance work takes to come in. The reality of more financed buyers, with the convenience of aggressively competing with cash offers. We're calling this ability to have buyers full approved before finding a home our "Buyer's Best" program, because it truly allows your buyer to put their best foot forward and stand out amongst competing offers. When a seller asks for "highest and best", we can't tell you what to offer as a price, but we can make sure your offer is the strongest financed offer by using Buyer's Best.
Often, sellers want to look at the price of an offer along with contingencies, and timeline. While cash is always fastest, cash buyers tend to want a discount and can become a headache if and when appraisal or inspection issues pop up. While buyers with financing are traditionally less certain, those buyers who are pre-underwritten will have already had that uncertainty removed from their offer.
This takes the pre-approval game to the next level by removing the 'pre'. Once an underwriter has reviewed a file, all that's left is a property analysis and disclosures to be signed - that's it. Fast closes, no contingencies, stronger offers - our pre-underwriting program is the perfect thing to take advantage of in preparing for what should be a very busy, strong, and competitive Spring market.
My team at Mason McDuffie is working hard to make sure we're the best option for not only our mortgage clients, but the Realtors and other business partners we work with. Our goal is always to make the mortgage process easy to understand, easy to execute, and as pain-free as possible from start to closing.
If you or someone you know would like to take advantage of our pre-underwriting option ahead of the Spring market in CA, CO, DE, FL, GA, MD, NJ, PA, TN, or VA, I'd be happy to help get them ready to put in an offer that will be stronger than the competition. For those folks in HI, ID, MT, NV, NC, OR, SC, TX, WA, or WV, I'd be happy to get you in touch with a colleague that can offer the same pre-underwriting program ahead of the Spring rush.