Banks Look For • Reasonable offers, where the buyer and real estate agent have done a thorough evaluation of the property and make an offer consistent with current market conditions. • Paperwork that is filled out correctly and is well-organized. • Funding that has a strong pre-approval letter or cash verification of funds currently dated. - Loan type (FHA, VA, Conventional, etc.)
- Property address
- Actual dollar amount buyer is approved (enough to cover offer price)
• Correspondence that shows organization and timeliness. Responses & Service are Limited Banks don't often respond with a "traditional service level" due to the increase in foreclosed properties. The decrease in value of homes have cost banks enormous amounts of money. Most Mortgage Servicers have cut back on their personnel. They are short-staffed to handle the large volume of refinances, foreclosures, and other mortgage modifications. Approach your transaction with patience is the key to action and results. Hint: During the last week of the month, most banks are closing transactions, so responding to new offers is secondary during this time. "Low-Ball" Offers Buyers who use this strategy are not taken seriously by the Mortgage Servicer. Building this kind of reputation is a dangerous game to play. Buyers who submit offers that are competitive to current market conditions will be more successful. |