Everyone recognizes that this is a difficult housing market for homebuyers. With inventory shortages and low interest rates, buyers have seen a face-paced market with strong growth in home prices. As interest rates begin to rise, the pressure for buyers to settle on a new home and lock in their rate is even stronger.
With so many buyers vying for the same property, it’s important to write the best offer right up front. Here are 5 tips to help you write a strong offer.
- Show Financial Strength – You already know you need a preapproval letter but ask your lender to include an explanation about how they qualified you, bank statements, tax records, underwriting review.
- Include a Proof of Funds Letter – Ask your lender to include a letter which