I sold a home once with multiple offers for a lower bid based on the letter the buyers wrote. The husband was a military veteran and I am from a military family and decided to take their lower bid and let the veteran have the house.
My husband and I bought a house in 2016 and we wrote a letter to the seller. There were three other offers, but they picked ours. I have always believed that our letter is what got us that house. Unfortunately since we’re military, we moved last year and had to sell. We had many offers to pick from, but none including a letter. I would have seriously considered one.
Yes I had an escalation clause $1000 used twice. Also a 60 day lease back free since my mortgage payments didn’t start for 60 days. Now up 15% roughly $50,000 in 2022. Yes need to listen to the realtor’s advice, they are the experts.
Another great video, Jeb! A few other things I like to do: appraisal gap, shortening the EMD deposit to one business day after acceptance, and also making sure to write a clean offer (I’ll do a coverage page that includes a breakdown of the offer/my lender’s contact information.; I’ll also rearrange the offer to be more friendly to the listing agent in this order: coverpage, RPA, if available - SIP, CR, etc, Preapproval letter, Proof of funds, and remaining disclosures).
Thank you for an extremely informative video, Jeb. I'm an American who has lived outside the USA for more than 15 years now, returning home, and the market is, to say the least, mind-boggling. For many reasons, I am going to have to use a VA loan, and it took me visiting with a number of agents who basically made a sour face and walked away before I even found someone I could sit down with.. Luckily I found a great guy and he also recommended a loan officer who doesn't treat VA financing as a turd to avoid,. I've already had several houses just disappear before I could even get an offer made. This video has helped me find several great, ethical techniques I can try to get a deal made and a roof over my head. Have a great 2022, my friend.
I have VA and won the house we just bid on. Asking was $500k and I offered $1k escalation up to $530k with up to $20k appraisal gap coverage and 2 month $2.5k lease back. Someone offered $540k but couldn't lease back below mortgage.
This was insightful. I feel like the step child with my FHA I have been turned down so many times. I’m still renting 😢. I have been told no one wanted to deal with FHA.
The only thing that seems to be working is the waiving of appraisal contingencies, which seems a bit dangerous lol (along with highest purchase price of course)
There's the issue, many people using conventional conforming loans are putting down 3%, 5%, 10% and 20%. Too many realtors are telling sellers conventional is the best option when the reality is and FHA borrower could be better but needs the room with the DTI. Show proof of funds and show the first page of the DU, the lender should also be calling these sellers agents exolaomg the strength of the buyer.
I’m closing next Thursday on a beautiful house that was fully updated!! I did FHA and beat out conventional offers cause I was the strongest and I had the best agent 👍
What's the disadvantages of using Better cash offer programs - companies purchase houses all cash and you purchase from them, How do you feel about these programs PRO's and CON's
I like the idea of the letter. I've actually never bought a house yet, but I've learned from my brother and his experiences. He just sold a house and bought another house and had problems with the buyer and the seller of his new home. I'm thinking that writing a nice letter could let the seller know that you are friendly and will be easy to work with unlike the people that my brother dealt with
I sold a home once with multiple offers for a lower bid based on the letter the buyers wrote. The husband was a military veteran and I am from a military family and decided to take their lower bid and let the veteran have the house.
This country needs more people like you. Most folks care about money and not the overall picture!
I would have considered the same.
God bless you! OMG! Hope more people are like you. 🙏🏽
That’s so beautiful!
Better than that one I let a pastor & his wife have my house.
My husband and I bought a house in 2016 and we wrote a letter to the seller. There were three other offers, but they picked ours. I have always believed that our letter is what got us that house. Unfortunately since we’re military, we moved last year and had to sell. We had many offers to pick from, but none including a letter. I would have seriously considered one.
Praying my letter makes a difference in the home I’m trying to buy
Yes I had an escalation clause $1000 used twice. Also a 60 day lease back free since my mortgage payments didn’t start for 60 days. Now up 15% roughly $50,000 in 2022. Yes need to listen to the realtor’s advice, they are the experts.
Another great video, Jeb! A few other things I like to do: appraisal gap, shortening the EMD deposit to one business day after acceptance, and also making sure to write a clean offer (I’ll do a coverage page that includes a breakdown of the offer/my lender’s contact information.; I’ll also rearrange the offer to be more friendly to the listing agent in this order: coverpage, RPA, if available - SIP, CR, etc, Preapproval letter, Proof of funds, and remaining disclosures).
Good stuff Vince
Thank you for an extremely informative video, Jeb. I'm an American who has lived outside the USA for more than 15 years now, returning home, and the market is, to say the least, mind-boggling. For many reasons, I am going to have to use a VA loan, and it took me visiting with a number of agents who basically made a sour face and walked away before I even found someone I could sit down with.. Luckily I found a great guy and he also recommended a loan officer who doesn't treat VA financing as a turd to avoid,. I've already had several houses just disappear before I could even get an offer made. This video has helped me find several great, ethical techniques I can try to get a deal made and a roof over my head. Have a great 2022, my friend.
Thanks Dave, I appreciate it. Welcome back
I have VA and won the house we just bid on. Asking was $500k and I offered $1k escalation up to $530k with up to $20k appraisal gap coverage and 2 month $2.5k lease back. Someone offered $540k but couldn't lease back below mortgage.
💯👍💪
This was insightful. I feel like the step child with my FHA I have been turned down so many times. I’m still renting 😢. I have been told no one wanted to deal with FHA.
The only thing that seems to be working is the waiving of appraisal contingencies, which seems a bit dangerous lol (along with highest purchase price of course)
I haven't waved in appraisal contendency with a buyer in a couple of months
There's the issue, many people using conventional conforming loans are putting down 3%, 5%, 10% and 20%. Too many realtors are telling sellers conventional is the best option when the reality is and FHA borrower could be better but needs the room with the DTI. Show proof of funds and show the first page of the DU, the lender should also be calling these sellers agents exolaomg the strength of the buyer.
💯
HIGHEST AND BEST comment
Love these videos! As a newer agent I can’t thank you enough for the insights!
I’m closing next Thursday on a beautiful house that was fully updated!! I did FHA and beat out conventional offers cause I was the strongest and I had the best agent 👍
Congrats!
@@emmettmortgage thank you
You paid the most and you will feel the pain. Congrats and my condolences.
@@Joshuatree7746 you probably still live with mommy and daddy
@Big Donkey good luck!! I lost 4 offers until I finally hit on a home
Wow this video helped SO MUCH! Thank you again
🙏
This was very helpful!! Thank you!
Glad it was helpful!
5 offers in 12,000-30,000 grand over still no luck using a conventional loan
Nope I still haven’t found one just put my 17th offer in . It’s been over 4 months 😭😭😭
@Angela Kirunda thank you !! You as well !! Keep getting outbid / cash buyers/ waived Contingencies
I hope you found your home! 🙏🏽🙏🏽🙏🏽 Wishing everyone to find their homes.
@@TransSistersTV I did moved in Halloween day ! Thank you !!
What's the disadvantages of using Better cash offer programs - companies purchase houses all cash and you purchase from them, How do you feel about these programs PRO's and CON's
Honestly, I'm not really familiar with them
@@JebSmith unfortunately this is the competition I’m dealing with 👎 sucks
Where within the contract/offer do you squeeze in the escalation clause? Just in the additional loan comments?
Yes, that works.
The seller is dragging their feet with apparent sellers remorse. Accepted offer but now things have changed in this market. Just walk or ? TY
Your call........It's hard for sellers to get out of an accepted contract so if you want to hold them to it, then do it.
You playing a dirty game with that title bro!
Recently submitted an offer with an escalation clause but the listing agent said they did not accept any escalation clauses. Do you know why?
Some people don't feel like it's fair as they want you to just offer what you're willing to pay. I bit ridiculous in my opinion.
Also, when submitting an offer, is it better to include a copy of the pre approval letter and proof of funds to be sent in one go?
Yes, absolutely
Never raise rates - jpow
I like the idea of the letter. I've actually never bought a house yet, but I've learned from my brother and his experiences. He just sold a house and bought another house and had problems with the buyer and the seller of his new home. I'm thinking that writing a nice letter could let the seller know that you are friendly and will be easy to work with unlike the people that my brother dealt with
Merry Christmas Jeb, thank you for your videos. God Bless you
Very good and informative video Jeff .
Thank you .
Thank you for the information.