A NEW OPTION FOR HELPING BUYERS COMBAT MULTIPLE OFFERS

Dated: 01/02/2018

Views: 17


COMBAT MULTIPLE OFFERS

There’s intense competition for homes in areas where home inventory is low, and cash buyers often get the nod in situations where there are multiple offers.

But there’s a new option for non-cash buyers that could help them compete in these situations, according to a recent article in the New York Times.

Some mortgage lenders are beginning to offer “pre-underwriting.” Rather than a simple pre-approval for a loan, which is usually based on the borrower’s credit report, pre-underwriting is a complete review of all documents that would be required for loan approval. This “pre-underwriting” strategy puts borrowers on more equal footing with cash offers.

Pre-underwriting is much more involved and time-consuming than a typical pre-approval, so not all buyers are eligible, but that could change in the future. One mortgage company offering pre-underwriting is Luxury Mortgage in Stamford, Conn.

“We’ve agreed to do this very recently, and I think it’s only necessary when you have a pretty hot market,” Luxury Mortgage’s Peter Grabel told The Times.

No two markets are the same, so if you have questions about your market and your financing options, get started by contacting a trusted real estate professional.

HomeSalesForce.com BLOG | Search Homes For Sale | We're HIRING | Crypto Currency | Travel

Coverage Area

Acworth | Alpharetta | Atlanta | Austell | Avondale Estates | Ball Ground | Berkeley Lake | Big Canoe | Braselton | Brookhaven | Buckhead | Buford | Canton | Carrollton | Cartersville | Cave Spring | Cedartown | Chamblee | Chattahoochee Hills | Clarkston | Cleveland | College Park | Commerce | Conley | Conyers | Covington | Cumming | Dacula | Dahlonega | Dallas | Dawsonville | Decatur | Doraville | Douglasville | Duluth | Dunwoody | East Point | Ellenwood | Fairburn | Fayetteville | Flowery Branch | Forest Park | Gainesville | Grayson | Hampton | Hapeville | Hiram | Jasper | Johns Creek | Jonesboro | Kennesaw | Lawrenceville | Lilburn | Lithia Springs | Lithonia | Locust Grove | Loganville | Mableton | Marietta | Mcdonough | Milton | Newnan | Peachtree City | Peachtree Corners | Powder Springs | Riverdale | Rockmart | Rome | Roswell | Sandy Springs | Savannah | Smyrna | Snellville | Social Circle | Statham | Stockbridge | Stone Mountain | Sugar Hill | Suwanee | Talking Rock | Tucker | Union City | Villa Rica | Waleska | White | Winder | Woodstock | Zebulon


Blog author image

John Thomas

Hi, I'm John Thomas, and I am a full-time/full-service Realtor® at eXp Realty in Atlanta Georgia. I was born in Chicago, grew up in Elmhurst. I attended York High School and Loras College. I have a B....

Latest Blog Posts

Should You Jump Into The Current Real Estate Market

Deciding you’re ready to buy a house is a big moment in your life, whether it’s a first time purchase or you’re snatching up yet another investment property. The home buying process is fraught

Read More

Outdoor Kitchens Points To Ponder

Your new house has an awesome outdoor kitchen, or maybe you just had one installed, either way you’re all set to grill outside all summer (and maybe into the fall and winter, too). Have you

Read More

Choose Native Plant For Easy Yard Maintenance

Every morning when you look out of the window of your breakfast nook into your front yard, you’re met with the same green carpet, devoid of anything remotely interesting or different. It’s not

Read More

Solar Energy 101 Getting Started With Green

As spring begins to really set in across the country a lot of homeowners are finally getting out into the yard and garden, soaking up the sun’s rays. Something else is taking in the rays in a big

Read More