In today’s market, what can you do to stand out from the crowd and make your offer irresistible to a seller? The biggest fears many sellers have today stem from the media circus surrounding the real estate market. Specifically, sellers are worried that:
1. My property will sit unsold for months and months.
2. My property will be tied up by an offer that can’t be financed.

If you can allay these fears, a mutually beneficial agreement can’t be far behind! A reasonable offer becomes irresistible when combined with the promise of easy financing and a quick close. Notice that I did not use the words “lowball offer.” Your offer must be fair and reasonable. If it is, the single most important thing you can do is to show the seller that you have already been pre-approved by a lender to buy the seller’s property!

Pre-approval is a different animal than pre-qualification. To be pre-approved, you’ll be asked for more documentation than basic credit information. If you have great credit, you may be able to be pre-approved for a loan that does not require asset and income documentation. Once you are preapproved, you may be able to negotiate a lower purchase price! The seller has confidence in your ability to make the deal happen. Many sellers are counting on the sale of their home to pay for the purchase of a new home, and a buyer who can’t qualify could cost them a lot of time and money. You might also use an expedited closing date to your advantage, helping the seller avoid having to make another mortgage payment. Do you think this might help you in your negotiations?

One last thing. Being pre-approved takes much of the guesswork out of buying real estate. You’ll know exactly how the lender views your ability to pay, and you probably won’t have to jump through endless hoops just prior to closing. You might even enjoy the process!