What do you do when there are multiple offers on the homes you want and you can never win the bid? Navigating the home buying process in a seller’s market can be daunting – especially if you’re a first-time homebuyer. That’s why we created the Better Offer to help our customers compete and win.
How do you make an offer competitive as cash?
The Better Offer allows buyers in select markets to not only underwrite their finances but also get the appraised value of their home before they submit an offer. That means they have the option to waive both financing and appraisal contingencies to make their offer as competitive as cash. The certainty they get about their financing and home value is simply the cherry on top.
Can you describe your home buying process?
First-time Homebuyer: We had a steep learning curve as first-time buyers in a super competitive market. After casually touring open houses in the first few weeks, we learned that any reasonable homes were flying off the market and we’d need a good strategy to win an offer.
How did shopping in a competitive market impact you?
First-time Homebuyer: We did not get outbid by an all-cash offer, but we did lose out on multiple offers that were competitive.
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Why did you choose to work with Better Mortgage?
First-time Homebuyer: We were introduced to Better Mortgage from our agent at FlyHomes and heard about the Better Offer. It seemed like a good strategy without having to engage in a pricing war. Better Mortgage was quick and transparent with all communication and we enjoyed the efficient use of dashboards for submitting and receiving critical documents.
Can you tell us more about your offer?
First-time Homebuyer: We waived all contingencies before submitting our offer. The fact that we had lending clearance and estimated appraisal BEFORE submitting our offer ensured how much we could escalate without having to stress over the possibility of overbidding. Waiving the contingencies plus the short closing period definitely helped us win this bid, despite another competing offer with a higher escalation price than ours.
Answers edited lightly for clarity.