HEADLINE: AN OPTION FOR HELPING BUYERS COMBAT MULTIPLE OFFERS

Dated: August 31 2021

Views: 115

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 offering “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 your local market expert Jose Rey and his team Finding Home SC! 

Blog author image

Jose Rey

Realtor, Jose Rey, feels blessed to call the Charleston-area home; so much so that he is dedicating his career to helping others do the same. As a successful real estate investor himself, he now enjoy....

Latest Blog Posts

HEADLINE: AN OPTION FOR HELPING BUYERS 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

Read More

HOW TO SAVE WATER (AND MONEY!) AT HOME

As a homeowner, if you don’t maintain good water-saving habits, you could be sending more money than necessary straight down the drain every year. Start saving by trying out the tips below

Read More

PUT MORE MONEY IN YOUR POCKET EACH MONTH

                         Reviewing your monthly expenses once a year is a great practice to get into. As you look at your monthly

Read More

WHICH DOWN PAYMENT STRATEGY IS RIGHT FOR YOU?

                             You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a

Read More