We have all heard Vancouver real estate stories where there
are 10 offers on one property. This
intense real estate market makes it difficult for the average working family to
compete when buying a home. There are
ways you can make yourself more competitive. If you are one of those people – keep heart
and read on!
I encourage home buyers to think about the speed of a
particular mortgage lender. It is easy
to focus entirely on the best interest rate, but a good strategy takes all
factors into consideration.
All mortgage lenders have different strengths and go through cycles. As a mortgage broker I know which lenders are
particularly speedy at a given time.
Imagine a seller who is considering offers after
a weekend open house. All offers are being
viewed on the immediate Tuesday. That seller has 2 offers in hand:
- Subject to finance, subject to be removed in 10 days
- Subject to finance, subject to be removed on the immediate Friday (the mortgage application is processed in 3 days). The key is that the subject is to be removed before the upcoming weekend.
It is obvious that a short turn-around time is more attractive to
the seller!
This strategy will strengthen your application. No one can guarantee the speed of 3 days. It will depend upon your application. Thorough preparation in
advance will maximize the possibility of success.
Take heart, and apply this strategy. Give me a call and we can set you up for
success!
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