How To Compete With Cash Offers

Sellers are receiving multiple offers, and some are for cash. How do you stand out from the crowd and make yourself the preferred buyer?

CharterStone Mortgage helps make it happen with an underwritten pre-approval. Add a sales contract to your per-approval and close in days.  Sellers will notice your offer and consider you as a top contender.  

A seller wants to be assured the sale will occur without delay.   Getting an underwritten pre-approval provides this assurance.  This step is one of several towards winning against cash offers. 

With a pre-approval 90% of the mortgage process is done. This allows for a very fast closing, as fast as a cash offer.   Sellers will love it! 

Pre-Approval

We Provide a conditional loan approval based on a to be determined property. Your credit, income, employment and assets are verified and underwritten, and the credit file is conditionally approved. The to be determined items for a final approval plus the borrower conditions, if any, are required before a final approval and the clear to close status. Below are some of the items:  

• Sales contract
• Preliminary title policy
• Homeowners insurance
• Appraisal
• Any borrower conditions on the pre-approval

Appraisals delivered fast

Some properties may not require an appraisal. However, when it is needed:

Our lender partners have access to Appraisal Management Companies (AMC) that use state of the art technology and processes to provide very fast delivery times. When an appraisal is required, these vendors are key to a fast clear to close status and closing. We have had clear to close status from initial application  (date of the sales contract) in as little as 7 business days.

A helpful tip:   

In some markets the appraisal data has not caught up to market prices. To help obtain an accepted offer, upon your permission we can certify the amount of funds you have available to pay over the appraised value. This assures the seller a worry-free closing at the agreed purchase price. 

Homeowners insurance – get it early 

We will obtain quotes for your convenience to help cut down the shopping time for this task. We know the business and have the experience to help find homeowner’s insurance from coastal and historical properties to new built homes. We can help refer you to the right people.  You choose the company that is best for you.  HOI is part of the final underwriting process. Getting the HOI binder early speeds you to the closing.  

What is the Title policy?

This insures the lender and buyer against defects in the transfer of ownership. A title company will search public records and review previous ownership transfers. The review is to verify the transfer was done properly and without error within the documents recorded. The preliminary policy will stipulate the requirements to transfer the title to the new owner such as paying off a mortgage, judgement, or lien of the current owner and who needs to sign the deed. The insurance protects against a previous and current defective title transfer up to the date of the sale.