In this week’s episode, John and Bryan discuss what LO's can do to help their buyers offer stand out in a market that is extremely low in inventory, but drives a massive demand. The guys give a few great tips on how to stand out and stand a chance in a market as competitive as this one has become.
One way to have your buyers offer stand out is to approach the agent with a TBD underwrite including a loan commitment. Creating a piece that explains the underwrite and submitting it with the offer will likely set you apart from the other six or seven offers that will probably already be on the table.
As an LO, it is important to be in constant communication with the listing agent if you want your borrower to be considered. Letting the agent that you are partnered with know that you aren't afraid to pick up the phone and speak on behalf of the borrower is major. This allows you to get down to the point and explain the steps you have already taken to verify that your borrower is qualified.
John mentions that in some cases bringing the seller into the loop can be a great vantage point. Letting them know that you have a qualified buyer will help you stand out and hopefully guide their selection process in your favor.
Lastly Bryan and John give warning to sellers encouraging them to beware of the institutional buyer. They will often present amazing offers but when it inches closer and closer to closing that offer tends to end up being lower than some of the other ones that were presented. You are then stuck having to decide if you are willing to go through the process over again, or if you are willing to take a little bit of a loss, and close.
Your co-hosts are Bryan Lovell, National Director of Business Growth at VanDyk Mortgage, and John Jones, Florida Regional Manager at VanDyk Mortgage. Bringing you the latest insights into the home industry! This Podcast is for Brokers, Lender, Realtors, Clients, and those who want to create homebuying success.
Check us out on social media:
• Facebook: www.facebook.com/Contacts2Contracts
• Website: ctcpodcast.co
Bryan Lovell:
• Personal Facebook: www.facebook.com/bryan.lovell.56
• Linkedin: www.linkedin.com/in/bryanlovellteam
John Jones:
• Personal Facebook: www.facebook.com/johnjonescb
• Linkedin: www.linkedin.com/in/johnjonesvandykmortgage/
Disclaimer:
This podcast is sponsored by VanDyk Mortgage Corporation NMLS# 3035 | nmlsconsumeraccess.org | Equal Housing Lender | VanDykMortgage.com | 2449 Camelot Ct. SE, Grand Rapids, MI 49546 | 888-482-6395
