Underwritten pre-approval wins the deal in competitive market

Mortgage advisor:

Dominique Stevens, Mayfair Mortgage Advisors.

Property type:

Single-family home in Fairfield. $470,000. $500,000. 5.25%. Conventional Fannie Mae Loan.

In this blisteringly competitive purchase market, real estate agents are looking for all opportunities to make their clients’ offers stand out and win the deal.

Top priority is always given to a strong offer with a short close-of-escrow and all cash financing. Short close of escrows are paramount, as sellers want insurance that the buyer will be able to close

Loan amount: Purchase price: Interest rate: Loan type:

Backstory:

escrow quickly and with ease.

For borrowers who are not all-cash offers, who need to rely on financing, any angle giving an edge to stand out from the other buyers makes a difference in their offer being accepted.

Most mortgage lenders rely on a system called the Automated Underwriting System, or AUS, to obtain loan approval. This is an automated software system where originators review, calculate and enter the income and asset figures of their borrowers — along with other details — into software that analyzes and renders approval for loan scenarios.

One of the banks that we work with offers our team a real live underwriter’s review of these documents to render the loan pre-approval. Having an underwriter review the documents makes a huge difference in the accuracy of the loan approval.

With this lender underwritten pre-approval in hand, our buyers were able make a solid offer and win the deal. Our team was able to close the escrow in 20 days.

$2,150,000 49 San Mateo Rd Sun 2-4:30

$1,895,000 2100 Manzanita Sun 2-4 4Bd/3ba, 2 car garage, Upper Montclair modern home with views and expansive yard! Katy Anderson & Katie Krembs, Compass 510.761.8718 #01739334 www.2100manzanita.com

$1,195,000 588 61st St. Sun 2-4:30