5 steps to having ROCK-SOLID financing on your IRVINE offer!

by Robert Mack on August 26, 2009

in Irvine Real Estate

The type of loan you are applying for and the documentation verifying your financial strength can make or break the deal.  Especially in this Irvine market where most homes are getting multiple offers, what can you do, as a buyer, to make your offer stand out from the rest?  I personally have had my clients lower offers get accepted; only because our financing was ROCK-SOLID, and we left no doubt in the sellers mind that we would qualify.

  1. Speak with a Lender– Obtaining a pre-approval letter is the first step that any motivated buyer should take to make sure that they qualify for the loan they are interested in obtaining.  This process will help you determine a purchase price you qualify for, determine the right loan program that best fits your needs, and finally, will provide you with a detailed break down of your monthly payments.
  2. Copy of FICO scores – When you speak with a lender, he/she will run your credit scores.  Keep the first page of this report and black out your social security number to ensure your privacy.  Show the seller that you have high FICO scores and that you are motivated to close.
  3. Copy of Earnest Money Deposit Check – This is simply a good faith deposit check that is submitted along with the offer.  The higher the deposit the more motivated you will appear.  A strong initial deposit is usually 3% of the purchase price.
  4. Proof of funds to close – This is simply bank statements or other statements showing that you do have the cash to close the transaction.  Cash to close the transaction will include your down payment along with closing costs.
  5. Cross Qualify with the Sellers lender – This is not uncommon in our current Irvine market place.  Most sellers want to verify that the offer they accept will indeed qualify even though the buyer has submitted a pre-approval.  If the seller requests this, do not argue (unless you don’t want the home), and just get it done.

For more information or to speak with a great lender, please contact Robert Mack.

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Post by Robert Mack

Robert has written 727 articles.

{ 2 comments… read them below or add one }

Contracthospitality September 7, 2009 at 8:28 am

WoW…! Nice Post! My impression to this post is that the debate is very constructive and informative. Really grateful for your time. Thanks.

robertmack September 8, 2009 at 9:52 pm

Thank you for your comment! I’m glad you found it informative.

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