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Increase Your Odds in Bidding Wars

Joel Weiser / May 14, 2022 / Expert Articles

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Hi, my name is Joel Wieser. And today I want to teach you how to increase your odds of getting your offer accepted without taking any more money out of your pocket. It's called a TBD underwriting.

Now when there's 29 people giving prequalification letters and you come in and you say, listen, I'm not just giving you a pre-qualification. I went ahead and gave all my documentation to an actual underwriter that's going to on the right loan.. And they reviewed my income, they reviewed my credit, and they said, yes, there's just one part missing, which is a house. You know for sure the security for the seller is worth

Put yourself in the sellers shoes for a minute. The seller is getting 30 offers. Everybody's tried to, you know, to be the lucky one that's going to be accepted. And when they are viewing the offers, what are they looking at? Of course, they're looking at on who gives the highest offer, but there's another point here. I mean, if the one that gives the highest over can't, we can't actually pull through and get a mortgage financing on the house.

This can turn out to a nightmare for the seller. So sellers, besides of wanting to taking the high spirit, they also want to make sure that the person who gives the bid will actually be able to pull through it. Doesn't cost the buyer or anything. It doesn't cost you anything, but puts you ahead of the other 29 people that give or will give an offer to the house.

And it makes you a really strong, preferred buyer. I'll find out who the listing agent is and I'll call them up to make sure they know what I have here. You know? And so is this a really strong thing? It doesn't cost money and it just brings value to the seller, and of course it brings value to the buyer because they can get into their dream house.

So if you have any questions about how to stand up as a preferred buyer, you can reach out to me. Feel free to reach out to me anytime, I would love to help you.

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Joel Weiser

Hi, I'm a mortgage expert living in New York. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help? View Profile

Joel Weiser NMLS # 1509389 Loan Officer 7016 Fort Hamilton Pkwy Brooklyn, NY 11228 (917) 539-7704 joel.weiser@findmywayhome.com

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About Joel Weiser

Hi, I'm a mortgage expert living in New York. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help?