How to Get an Offer Accepted on a Home Purchase

REAL ESTATE NEWS (Los Angeles, CA) — Home buyers want to know how to get an offer accepted. Here are all of the steps, including some of the most advanced tactics and strategies for getting a home seller to accept a buyer’s offer for a home purchase.

Preparing the offer – Seller’s want to receive a clean offer, meaning the offer should have the standard, typical terms, conditions and contingencies, or less. Buyers get the best deal when they look at plenty of properties, and place lower offers on several of their favorites. Investors find that they get the best deals if they can pay all cash, and waive all of the contingencies so that the seller knows that the transaction will more likely be successful. Cash buyers can often close within 7 to 15 days, giving the seller more inducement to accept the cash buyer’s offer. If a home buyer absolutely loves a particular property, wants to move in yesterday, thus does not want to lose it to anther buyer, the safest strategy is to place the buyer’s highest and best offer as early as possible, preferably on or before the first day of the listing.

Pre-Approval Letter – Home buyers who are using a mortgage home loan will be more like to have their offer accepted if they provide a pre-approval letter from a lender. Some buyers provide a pre-qualification letter, which also may work, but a pre-approval letter is usually preferred because it means that the lender has taken the effort to verify the finances of the buyer, while the pre-qualification letter may be solely based on the buyer’s own provided financial figures.

Love letter – In a competitive environment, such as a seller’s market, the seller must sometimes choose from two or more very similar offers. The trick to stand out from the crowd is to write a “love letter” to the seller. This letter is designed to gain attention and favor of the seller by tugging at the heart strings, using a personal, emotionally compelling story about how the buyer and family members really love the home, detailing why the property will allow the family to live happily ever after. The story works even better if it mentions how the property will save the life or make the dreams come true of little toddler, sick Sally, who is disabled and will be able to overcome her ailments thanks to the design of the home.

Negotiating – Buyers are most likely to get the best deal and best terms on the most amazing home if their agent does some research, calling the seller’s agent to ask about what kind of offer that the seller needs. Sometimes this can reveal the lowest price that the seller might go, but more likely, the buyer can learn what terms would be attractive to the seller, such as a quick escrow — or sometimes a long escrow with a lease-back.

Inspection – A few sophisticated buyers, especially cash buyers, will waive the general inspection. Other buyers commonly ask for repairs of the most important items that show up as needing repairs based n the general home inspection.

Contingencies – Most home purchases come with three opportunities for the buyer to cancel the home purchase during escrow, and to receive a full refund of their earnest money deposit. These are the inspection, appraisal and loan contingencies. If the buyer is able to waive one or more of these contingencies, the seller will be more likely to accept the buyer’s offer.

Loans – A cash purchase is most desirable to sellers. Some sellers will even accept a slightly lower price from a cash buyer because a cash buyer is more likely to complete the transaction. The cash buyer does not need to rely on a lender or appraiser to approve of the transaction, and a cash buyer can close escrow faster. The majority of home buyers, however, rely on a mortgage lender. Those who put down a higher down payment may find that their offer is more attractive to the seller because a higher down payment signals potentially better financial position, and higher level of commitment from the buyer, thus more likely to successfully close escrow.

Keys – A transaction is generally not complete until the buyer receives the keys from the seller. Buyer’s agent should ask to get the keys as early as possible. Occasionally sellers lose keys. In this case, the buyer can simply get help from a locksmith after escrow closes and the title with the new owner is recorded by the county clerk.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Five Hacks to Get Your Home Loan Approved

It’s no surprise that getting a home loan takes some time and effort. If you haven’t gone through it before, it can seem overwhelming. After all, this may be the largest purchase in your lifetime. No stress there. The good news is that there are a few things you can do to master the process. Start with these five hacks, well more like common sense moves. Mortgage lending is a complex dance. It’s all about getting your ducks lined up in a row.

Review your credit report(s)

Don’t just assume your credit report is flawless because you haven’t missed a payment. Look over your accounts and be ready to answer any questions that the loan officer may have. Things like student loans and old open accounts. Review your report early so you aren’t surprised by hiccups that could derail the mortgage process and even affect your ability to get the best loan terms. Check out this post if you need more help: understanding your credit score.

Set your baseline

The first price you hear will become your baseline, so anything more than that seems expensive and anything below appears to be a bargain. It sounds arbitrary, but that’s how we humans are. So, hack your baseline. Before you find out how much a lender will lend you, decide what is a smart amount to borrow. A rule of thumb is not to spend more than 36% of your income (before taxes and other deductions) on all your debt – that includes mortgages, credit cards, student loans, and other debts. Find this number first, and let that be your baseline. This will keep you from being talked into purchasing more than you can afford.

Boy Scout Hack Be Prepared with Documents

Let’s face it, there’s a lot of information a lender will need in order to review your loan application. It can be frustrating if you need to hunt for more documentation in the middle of the process. It’s much less stressful to pull together the information a lender may potentially need before you hit the ground running. Here’s a list of items you may need to provide: A good multifunction printer scanner would be a great investment.

  1. Driver’s license
  2. Social Security card
  3. Pay stubs for the previous 30 days
  4. Proof of additional income, such as Social Security benefits, child support, or alimony (if applicable)
  5. W-2 forms for the previous two years
  6. Tax returns from the last 2 years
  7. Checking and savings accounts statements for the last three months
  8. Retirement funds and other investment statements for the last three months
  9. The most recent statements for your credit cards, loans, and other debts
  10. A list of all your assets
  11. Proof of timely rental payments (if you’re not selling a home)
  12. Credit report
  13. If you received a cash gift to use as a down payment, your lender may want written proof that it is truly a gift and not a loan

Take it one step further…

Consider other situations in your life that may cause your lender to ask for additional documentation. For example, if you have been divorced, your lender may ask for a divorce decree. Here are a few situations that may require additional documentation:

  • If you’re self-employed
  • If you or a co-borrower is active-duty military or a veteran
  • If you earn a significant portion of your income from investments

The best route is to find a lender early and discuss with them what documentation you will need.

Get your pre-approval assigned before you make an offer… It builds confidence.


Getting a pre-approval letter jump-starts the process. A lender can review your credit history and determine how much you qualify to borrow. Additionally, your lender can identify potential problem areas that may slow the process down, like a mistake on your credit report (see Hack #1). It can seem counterintuitive to secure pre-approval before you have found a house, but it streamlines the process since you know what you can afford and you already have a lender working on your side. 


In fact, starting with a simple conversation could be the best hack for you!

#entarispowerful #homeloanhacks

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.