TBD Approval – this has helped us win in a lot of multiple offer situations. It’s something I just started using last year and in a nutshell buyers who have a TBD approval have already been fully approved through underwriting, the TBD is the property. As a buyer with a TBD approval you do not have to put a financing contingency in your offer should you choose not to do so and if needed can close extremely quickly. John Meussner has the Buyers Best program which is their version of a TBD approval. It can really make a big difference and sellers love it because it gives them peace of mind your financing is ready to go.
Clean Contract – I’m just referring to the overall presentation of the contract. Your agent’s needs to be sure everything is filled out, all of the details are taken care of, and all of the supporting documentation is included with the offer. It’s very frustrating for a listing agent when the buyer’s agent attaches 6+ pdf’s that then all have to be merged together to make a complete offer, even worse when there are parts of the contract that are blank and addendums missing. It might sound nitpicky but, presentation makes a difference especially when there are multiple offers to review.
Contingencies – make them as short and few as possible. For a home inspection consider making it for information only. I don’t like waiving them all together but, for information only still protects the buyer should they want to withdraw but, at the same time it also gives the seller peace of mind knowing they aren’t going to get nickeled and dimed over repairs. If the seller isn’t offering a home warranty, don’t ask for them to pay for one. I’ve seen this cause a seller to go with one offer over the other because it really can be a detail that small that makes or breaks you.
Loan Officer Communication – It always a good idea for your loan officer to contact the listing agent after the offer is submitted. I appreciate a call from the loan officer vs. having to track them down immensely. It shows you’ve got a team in place that’s on the ball and real estate takes team work for a successful outcome.
If you have questions about the home buying process we look forward to answering them for you. Contact us at 703-988-3151 to speak with one of our buyer specialists.