HOW TO COMPETE WITH A CASH BUYER WITHOUT CASH
With the real estate market so competitive these days, it makes sense to give yourself every opportunity to set your offer apart from the others. Fairfield County Bank offers a fully underwritten pre-approval option (for most of our loan programs) that, if our client is approved, will result in a buyer having a mortgage commitment in hand while shopping for their new home. This is as close to being a cash buyer as possible, since the file has been reviewed and committed by an underwriter and is subject only to a purchase contract and acceptable appraisal. This is a win, win, win, win as it benefits all parties involved in a purchase transaction.
- You can shop for your new home with confidence that you can obtain financing in advance of spending a lot of time and money looking for a home, and you can also close quickly because your file is already complete.
- Your realtor is comfortable that you’re capable of buying in the price range you’re interested in and that your offer will stand out among other offers a seller is reviewing.
- The seller has an offer from a buyer that has been reviewed and is ready to go so there should not be any issues along the way.
- The Bank has an opportunity to identify and address any issues you may have in advance of finding a home so the file moves quickly and smoothly when a home is identified.
Some ask how the fully underwritten pre-approval is different from a pre-qualification or a generic pre-approval. The primary difference is that the fully underwritten pre-approval is a commitment letter that confirms you have been through the mortgage process, your documentation has been submitted and reviewed and you only need the approval and purchase contract to close. The other two (2) options are usually a loan officer’s opinion on a customer’s ability to secure a mortgage and may not include review of income, assets or credit documentation. This is going to make you as close to a cash buyer as possible. Cash offers can be tough to compete against but those offers are not always the best for a seller, so going in with a commitment letter in hand can be invaluable. The best part of this service is that it is free, and there is no obligation on your part. You can shop with a commitment in hand and a local mortgage expert by your side.
For more information or to start the process, contact:
Pat McRedmond, VP, Senior Loan Officer
Fairfield County Bank
Office: 203-431-7552
Cell: 203-648-7222
Email: pat.mcredmond@fairfieldcountybank.com
