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.
If you are considering buying a Huntington Beach foreclosure, please give me a call 714-319-9751 so that we can discuss a strategy to get you into your new home.