For both parties, knowing the following can make a big impact during the transaction process:
For buyers, a preapproval is good, but not good enough: you need an underwritten pre approval. Having your lender do this work before submitting an offer 1) ensures your financial credibility to sellers 2) shaves off days in escrow 3) makes your offer more competitive 4) Allows you to compete against all cash offers
Starting a transaction with an underwritten pre approval will save time, reduce stress and make the escrow process much smoother for both parties.
For sellers, it is imperative to take time to thoroughly fill out all disclosures and have all inspection reports available before any buyers’ agents submit offers and ideally, before they enter the home. You want the offers you receive to be based on the buyer carefully weighing and considering all material facts. Anything that comes up during escrow that was not previously disclosed puts renegotiating terms in the hands of the buyers; you don’t want that.
The times I’ve negotiated credit for my buyer clients have been when new information was discovered during escrow, something that could have been avoided.
