Multiples Offers on a Huntington Beach Foreclosure - How Do We Compete?
It isn't uncommon for there to be multiple offers a well-priced Huntington Beach foreclosure, especially one in decent condition with upgrades. When a client finds a home they like, especially after looking at several homes, they are disappointed when they learn that they aren't the only ones who like it. The next question inevitably is how do we make sure that our offer is the one that the bank accepts? There is the obvious answer - PRICE. But, what else can make a difference?- Make sure that you speak with the listing agent to obtain any addenda or other paperwork required by the bank and then make sure it's completed and returned with the offer.
- Limit the contingency period to as short as possible - perhaps 7 days. Many banks will require this shorter period any way. Why not make your offer stand out?
- Offer a strong earnest money deposit. Don't put down $1,000 on an $800,000. Show the bank you're serious.
- Have a strong approval letter. Don't have a pre-qualification letter. Make sure that you have provided all necessary documentation to your lender so that your approval stands up to review.
- Don't ask for seller paid closing costs, unless absolutely necessary. The bank is looking at the bottom line.
- A strong down payment is frequently considered an indication of how easy it will be to close the loan, so consider this when making your offer, if possible.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Federal Government Disclaimer (MARS)
- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.
- Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and
- Even if you accept this offer and use our service, your lender may not agree to change your loan.
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