Today’s topic is about why your lender matters in a competitive market.

I talk to a lot of Realtors in my profession, and frankly, they tell me there are about four key things that make a difference in the likelihood of an offer getting accepted.

1.) Local lenders. Listing agents routinely look for local lenders; they prefer not to work with large national banks or internet lenders. They want to be able to contact someone local if there’s an issue and someone who has local appraisers on their panel. Choose who you work with carefully.

2.) Pre-approval letters. In the state of Texas, pre-approval letters are required to list what documents have and have not been verified, so if the letter that you’re looking at doesn’t have those items on there, I’d encourage you to ask your lender why, or find a different lender. Make sure the lender has actually looked at some documents.

3.) Have the underwriter sign off. Have the lender take the process a step further and have the underwriter sign off on the pre-approval letter. Even though it takes a little bit more time for the lender, it’s a much more thorough way to go about it. It gives the listing agent certainty that you can actually close on the financing that you’re applying for because the underwriters actually sign off on it. As long as you don’t lose a job or blow your down payment money in Las Vegas, you’ll be able to close on the transaction.

4.) Have your loan officer contact the listing agent to talk up your offer. Frankly, that type of call goes over very, very well with the listing agent. This can be the thing that pushes you over the edge in a multiple offer situation. I had a client just last week who was one of 22 offers on a property, and the seller took our offer because I called them—even though it was $8,000 less than the highest offer. We’re a local lender with a good reputation, and they knew we were communicative about having the underwrite on the file.

Frankly, that type of call goes over very, very well with the listing agent. This can be the thing that pushes you over the edge in a multiple offer situation. I had a client just last week who was one of 22 offers on a property, and the seller took our offer because I called them—even though it was $8,000 less than the highest offer. We’re a local lender with a good reputation, and they knew we were communicative about having the underwrite on the file.

“When you find your dream home, you need to be working with a lender that will do whatever it takes to get you into that home.”

These measures can really put you in the driver’s seat with your offers, because let’s face it, you’re not in the market to just make offer after offer and not get a property under contract. When you find your dream home, you need to be working with a lender that will do whatever it takes to get you into that home.

If you or someone you know is looking for that type of service, please contact us. We’d be honored to help.