• (651) 552-3681

    Home Purchase - Home Refinance
    Serving MN WI IA ND SD CO FL

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  • Minneapolis, MN: If you are in the housing market right now, you know it may be a challenge both finding a home, AND winning a successful offer.  Here are 5 home buying tips to winning a bidding war.

    1. Get Fully Lender Pre-Approved!

    Being a fully lender pre-approved shows sellers that you are not only serious about buying a house, but that you can actual perform on the offer.  Realistically, don't even bother talking to a Real Estate Agent without doing this first.

    Next, believe it or not, your lender choice also makes a huge difference. Sellers and agents love local, well known lenders. They frown on big internet lenders, and outstate lenders they have never heard of. They also frown on large banks, primarily because they tend to employ low level, unlicensed, inexperienced Loan Officers, versus experienced and licensed Loan Officers. 

    2. Increase Your Down Payment

    If possible, increase your down payment. While technically if you qualify for a loan, it doesn't matter what size your down payment is. But realistically on the street, Real Estate Agents advise sellers to take offers with bigger down payments under the false belief bigger down payment loans are more likely to close.

    Also try increasing your earnest money.  Larger amounts of earnest money show you are more serious.

  •  3. Be A Cash Buyer

    Easier said than done for most people. But being a cash buyer puts you in first place over all other offers. if you can pull money from different sources to be a cash buyer today, understand that Cambria Mortgage can offer you something known as a "delayed financing" loan afterwards to get your money back.  While a delayed financing loan similar to a standard refinance, there are some important additional beneficial guidelines.

    4. Know The Seller

    With help from your Real Estate Agent, try getting to know the seller's most important wants, and needs.  Then try incorporating any of that information into your offer, or into your heart warming cover letter.  For example, I bought a house once where the seller had been treating a big Elm treat every year.  I promised to continue doing it (and I did), and this helped me win over competing offers.

    5. Make Simple Offers

    In a competitive market, the less contingencies you have, the more likely you are to win.

    • Being a cash buyer
    • Not having a house you must sell
    • No inspections
    • Quick close - or extended close if that is what the seller needs.

    While none of these tips guarantee a successful offer on that dream house, employing as many of these as you possibly can improve your odds greatly, as will using Cambria Mortgage, the Joe Metzler Team for financing Reach out to us today at (651) 552-3681.  We proudly lend in Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida.

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