Cash may be king, but words are pretty powerful, too: One of the most effective ways to win a bidding war is to write the seller a letter as well as getting a full credit approval with your mortgage lender prior to placing an offer. All-cash offers nearly doubled a buyer’s chances of trumping others, while waiving a financing contingency—effectively agreeing to forfeit the deposit if a buyer can’t get a mortgage—boosted a buyer’s odds by 57.9%, according to new data. Surprisingly, penning a cover letter came in a close third, increasing a buyer’s odds by 52.2%. The numbers are more dramatic in the priciest 10% of the market: All-cash offers were 437.8% more likely to succeed, while cover letters increased a luxury buyer’s chances by 75.7%. The Lucy Lending Team has been on the cutting edge of these tactics and encouraging clients to obtaining a full credit approval with underwriting, allowing them to make an offer with no financing contingencies. As the data shows, this increases a buyers potential of having their offer accepted by 16%! In Charleston, SC competitive market, you need to be able to act fast, effectively and with the strongest, most compelling offer. Zach and the Lucy Lending Team are taking the extra steps and efforts to make sure you will get the house you want. Has any other lender offered this insight or opportunity to you? Call Zach and the Lucy Lending Team today to see how we can get you on track for a pre-approval and making an offer on your dream home this year! Zach Larichiuta and the Lucy Lending Team 843-469-9010 [email protected] www.charlestonmortgagelender.com #Charleston #realestate #bidding #offer #biddingwar #tactics #strategy #Zachlarichiuta #lucylendingteam #mortgage #lender #financing #homebuyer #loanofficer #trusted #local #broker
