In today's real estate market, it is not uncommon for buyers to find themselves in highly competitive situations. Bidding wars have become increasingly common with the low inventory issues the housing market is facing, with multiple offers (some over list price) coming in on a single property. In such a market, it is not enough for buyers to simply offer the highest price - they need to find ways to stand out from the competition. Lenders can play a key role in helping buyers win contracts in such a market. Here are some strategies that lenders can use to help their clients succeed:
Pre-approval letters: One of the best ways that lenders can help buyers win contracts is by providing them with pre-approval letters. These letters demonstrate to sellers that the buyer has already been approved for a mortgage and is a serious, committed buyer. This can help buyers stand out from the competition and give them an edge in negotiations.
-Churchill Mortgage offers one of the only “guaranteed” pre-approval letters out there called our Certified Home Buyer (CHB) Program. This involves a fully underwritten approval of your income, credit, and assets by an underwriter, leaving the property as the last piece of the puzzle to be approved. What makes this a guaranteed pre-approval is the promise that we will pay the sellers $5,000 if financing falls through for a reason unrelated to the property itself.
Quick closings: In a competitive market, speed is often of the essence. Buyers who are able to close quickly may have an advantage over those who cannot. Lenders can help their clients by providing a fast and efficient mortgage process that allows them to close on their new home as soon as possible.
-As a Certified Home Buyer (CHB), Churchill Mortgage can close your loan in as little as 14 days!
Flexible financing options: Buyers who are able to offer creative financing options may also have an advantage in a competitive market. Lenders can help their clients explore a range of financing options, including adjustable-rate mortgages, interest-only loans, and other non-traditional products.
-Churchill Mortgage has several flexible home loan strategies that can be used to address appraisal gaps and even turn your offer into a full cash offer with Ribbon Homes!
Relationship building: Finally, lenders can help their clients win contracts by building strong relationships with local real estate agents and other industry professionals. By working closely with these professionals, lenders can gain access to inside information about new listings and emerging trends, which can help their clients stay ahead of the competition.
-If the other 3 things weren’t enough, as your home loan advisor, I will personally call the listing agent of any house you submit an offer on to explain, in detail, the strength of your pre-approval and address any concerns the sellers may have with a financed offer.
Overall, the key to success in a competitive real estate market is to find ways to stand out from the competition. Lenders can play a critical role in helping their clients win contracts by providing pre-approval letters, quick closings, flexible financing options, and by building strong relationships with other industry professionals. By working together, buyers and lenders can navigate a highly competitive market and find the home of their dreams, and Churchill Mortgage is paving is leading the way in helping our clients win!
