Sunday, April 30, 2017

How To Get a YES When Making An Offer On a Home




Dear Friends,

Today I want to talk to you about the importance of being prepared when purchasing a home in this highly competitive market. I am not going to talk to you from the REALTOR's side of the business but rather from the MORTGAGE PROFESSIONAL & HOMEOWNER relationship side. You see, while we Realtors hold the keys to let you in to preview your dream home, the relationship you have with your mortgage professional is what controls whether that key becomes yours or not.

I write this post because the New York City home purchasing market is extremely competitive right now. Those who go for mortgages are competing with a huge influx of cash buyers that are not using their all-cash offer as a way of driving the sale price down, but who are offering full asking price offers on homes in Brooklyn and Queens, completely shutting down the buyer who still needs to secure a mortgage. So how does the mortgage pursuing buyer compete?

Step one is making sure that you are ready to compete by partnering up with a reputable lender. I've notice a growing trend lately. More and more first time home buyers are making the mistake of going with a mortgage lender solely on price. They are so worried about getting the cheapest rate that they fail to realize that to offer the cheapest rate, a company has to offer the cheapest level of service. (SIDE-NOTE: this also applies to your Realtor. Be very careful when you hire an agent that will discount his commission when selling your home. Chances are he is also discounting the time and money he/she will invest into selling your home to the most qualified buyer). When we present offers to home sellers from different buyers and they all look the same, the stronger buyer is often the one that makes the seller comfortable in the choice of mortgage provider they've associated with. When the seller sees the offers look similar, they often ask "Who is writing the loan?" Sellers are becoming a lot more educated on the process of selling a home and they know that there is a difference between a mortgage from a reputable professional and a mortgage from some online, out-of-state company that does not even sit with the person to go over all the intricacies of the loan process. The closing rate is much higher with the lenders who sit with their clients and work with them on a personal level.

Step two is for the buyer to be prepared to make a stronger offer. Realtors, at least in New York, are not permitted to disclose the actual amounts of what other buyers have offered for a home. This is in place to discourage unethical selling practice that allow all-cash investors to outbid the purchaser who has to rely on the mortgage. It also stops the illegal practice of driving up the prices in the market by lying about the offer amounts that are being offered for a home. Think about it. If you fall in love with a home and offer "X" amount, and an agent says, "well, I have a X + $20,000 offer on that house" even if he doesn't, chances are that you might offer "X + $25,000) to get the house even though it puts you over your comfortable budget. This leads to added chances of default on the loan by many purchasers. This is unethical. So NO, we cannot disclose what the highest offer is. So how do you know if you are making a strong offer? You make the offer and ask the Realtor two very important questions; "Should I be prepared to offer more?" and "are there any all-cash offers." We can comfortably answer these two questions. If you hear there's an all-cash offer, you know that you have to make the strongest offer possible as your first offer. That way if you do not get the home, you know that it wasn't because you made a poor offer. Make the strongest offer and get the home you can comfortably afford.

Step three is a no-brainer but one that some people simply overlook. Please have your pre-approval in hand when you go view homes. That way if you find the home you absolutely want, you can go to your Realtor's office and write up an offer right away. Ask your Realtor when you should expect an answer. Provide your offer with a pre-approval, proof of funds for the down payment you are offering, and if you truly want to slam dunk that offer, ask your mortgage lender if he could print you a copy of your credit report and attach it to the offer. Want to really kick some butt? Sit down and write the home seller a handwritten letter telling them how much you love their home and why you want that home to be yours. Make it personal and make it real. Tell them what you loved about their home. Tell them how you plan to love that home for the next 30 years plus. Tell them how difficult it has been to find a home in this tough market. Pour your heart out into that letter. A good Realtor loves to share these letters with home owners. It makes the home owner's decision much easier to make. It is also great in case the home seller has cold feet later because your Realtor will be able to remind the home sellers of the reasons why they chose you as the buyer for their home.

Step four is to work with a Realtor that knows how to present steps number 1-3 the right way. You could do all of this but if you work with a Realtor that is only thinking of the commission and forgetting the ethics of the license he holds, you may find you still can't compete.

These are just three steps on how to compete in this highly competitive market. If you want more tips on how to become a "YES" rather than a "NO" when making an offer on a home, contact me below. 


Google My Name, "George L. Rosario"

------- 
George L. Rosario
NYC's Hometown Realtor
Coldwell Banker Kueber
DESK: 347-671-SOLD
CELL: 917-945-4211


Follow Me Online Here: 

Coldwell Banker: http://www.CBBigApple.com 





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Location: New York, NY 10019, USA
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