Sameday loan approval helps a buyer nab the deal

“Our prospective client had been looking at homes online in the Piedmont area and came across a property that he wanted to make an offer on, sight unseen. The offers were due by midnight; however, our client had yet to begin the loan preapproval process. With only hours until the offers were due, our team was able to conduct the loan application over the phone.”

Mortgage broker: Dominique Stevens, Mayfair Mortgage Advisors.

Property type: Singlefamily home in Oakland.

Loan amount: $980,000.

Loan rate: 3.250%.

Loan terms: JUMBO 30year fixed.

Backstory: In this superhot real estate market, being able to make the best offer with the least contingencies and the shortest agreed upon closing times, are the offers that often seal the deal.

Our prospective client had been looking at homes online in the Piedmont area and came across a property that he wanted to make an offer on, sight unseen. The offers were due by midnight; however, our client had yet to begin the loan preapproval process.

With only hours until the offers were due, our team was able to conduct the loan application over the phone. We set him up with a secure portal to upload the necessary preapproval documents: paystubs, W2s, bank statements, etc. The loan preapproval process requires many key documents, and time was critical.

We were able to preapprove our buyer quickly and refer him to an excellent Realtor in the area who could write his offer for him. With the Realtor’s expertise and reputation in the market, our buyer’s offer was accepted.

With incredible teamwork and communication, we were able to complete the transaction in 27 days, and our client received the keys to his first home.