How much Buying Power do you have as a Potential Buyer4/14/2019
Buying Power Checklist (In no specific order)
0-6 Checks = Low Buying Power. Buyers in this bracket can expect to lose out on several homes, write several offers and possibly "overpay" for a home.
7-14 Checks = Average Buying Power. Buyers in this racket can expect to have a good chance of getting their offer accepted without losing out on too many homes. You may be asked to add a few items to your offer to increase its strength to help get you offer accepted.
15-21 Checks = High Buying Power. Buyers in this bracket have a high chance of getting their offer accepted. In most cases, your offer will be in the top 2 or 3 that the seller has to choose from.
How many checks do you have?
__ Offer Free Occupancy
__ Buyer assuming City Inspection (if applicable)
__ Offer Extended occupancy (45-90 days after close)
__ FHA Addendum - Zero cost to the seller (if applicable)
__ Pay over appraisal value (5-10% min.)
__ Waive the appraisal (if you can)
__ No contingency on Sale of Close of Current home
__ Larger Earnest Money Deposit or EMD (3% min)
__ Full Lender approval (not just a pre-approval)
__ Non-refundable EMD
__ More money down on loan than typical for price range
__ Appraisal first or at same time as inspection
__ No seller concessions
__ Proof of EMD and Down payment funds with offer
__ Personal letter from the buyer - related to the buyer
__ Shorter timelines to close
__ Buyer knows Seller
__ Offer over asking price (if applicable)
__ Cash Buyer
__ Conventional Financing (No FHA)
__ Waive the inspection
__ Buyer Agent knows Listing Agent
For more details or questions about any of these items give me a call Steven Melchor a.k.a. Melch 810.513.1561. We can see what you can do to make your offer stronger!!