Offer - WLPP Real Estate Script

Tips for getting your offer accepted by the bank

1.Verify your ability to pay.

Be sure to send your pre-approval letter with your offer. A pre-approval is much more solid than a pre-qualification - you can get those anywhere. It shows that the information you have provided to your lender has been verified, as opposed to a pre-qual that does not and is simply "qualifying" you based solely on what you have told them. In fact, pre-quals carry no weight with institutional sellers. Even better, have your pre-approval come from an actual bank/direct lender as opposed to your real estate agent. If you are paying all cash, document that you have the required funds to close by sending in copies of your bank statement(s). You can always black out personal account information, but be sure that your name appears on the statement and that the amount of bank funds is clear.

2.Don't offer to purchase with a 100% loan.

This one is pretty self-explanatory...they just are not happening in this market and are very likely to fall out of escrow, causing the seller both time and money.

3.Provide at least 3% for your Earnest Money Deposit

This shows the seller you are serious about your offer. When they get an offer with a very small deposit, it show lack of confidence about whether or not you can close the deal.

4.Have your agent write a clean offer.

Be sure all your numbers add up. Ask for as little as possible, it is more attractive. Don't ask for things in your offer that you wouldn't of an ordinary seller - or items that I have advised the agent the seller will not accept.

5.Have short inspection times and close escrow in 30 days or less

See No. 1. If you do not perform pre-inspections, it is still attractive to the bank to have short contingencies (10 days or less) and close your escrow in 30 days or less.

6.Don't low ball the bank.

We know you want a fantastic deal on any property, but you especially want a deal on a home owned by a bank - who doesn't necessarily want it! While the bank is eager to sell the property, please know that they will not just give it away. It doesn't make the bank investors very happy. The bank does their homework and you should too. They have a broker's opinion of market value from the listing agent and more than likely at least 1 other source, as well as 1 or 2 appraisals. Unless you can come up with a really good reason why they should take your $250k offer on a $450k priced home, don't bother. This again shows the advantages to pre-inspections if you suspect that the property has some issues and is not worth the asking price.

7.Ask for what you want - UP FRONT.

The seller will not negotiate terms and/or credits after the contract has been executed. If you want credit at closing, ask up front. If you want credit for a pest report, ask up front. Taxes, insurance, escrow fees, etc, ask up front. If you want the seller to pay for anything (called seller concessions) ASK FOR IT IN YOUR INITIAL OFFER. In addition, familiarize yourself with these Frequently Asked Questions so that both you and your agent understand the process before going in!

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