Forgotten Your Password?

Need to Register?

Question Icon

We are buying our first home. We have found the property.

My question is if there are multiple offers on this house, will we have a better chance of getting it if we put more down payment? What will give us an advantage over others in getting this house, other than raising our offer? by jeremyglad57 from Sacramento, California. Nov 25th 2014 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 448 contributions

Several options to have your offer stand out:1) Yes, larger down payment2) Removing contingencies, IE, appraisal or loan, be sure you are good on both these items if you this route.3) A conventional loan vs. an FHA loan usually is preferred.Hope these tips helped

Nov 25th 2014
3
0
Blake Kleckner (BlakeK)
#356 ranked lender in California - 251 contributions

What is the price of the home? How much are you putting down? It shouldn't make a difference but listing realtors have a tendency to advise their sellers that buyers who put more money down are more qualified, and the likelihood that their transactions will close is greater. That's utter nonsense! Whether a buyer is qualified to buy with 5% down or 30% down, he is qualified. Nothing else should matter. Unfortunately, there are many misinformed people in this business who don't know that. The only real way to improve your chances of being able to purchase, short of raising your offer, is to pay all cash, which most folks can't do. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing more than 40 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Nov 25th 2014
2
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Cash offer without any contingencies will give you the biggest advantage.. conventional financing with 20% down or more will also be favorable.. FHA or VA financing will be frowned upon by most not because they are a bad product, but because the selling agent is not properly trained in understanding that there is little difference in financing programs in today's over restrictive lending guidelines.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 25th 2014
2
0
Stephanie Tourtellotte (Stephanie Tourtellotte)
#0 ranked lender in California - 33 contributions

When several offers are received by the listing agent, they will weigh the offers against each other. They will look at your fico score, what type of financing you will obtain, your down payment, but also they will look at your good faith deposit. The good faith deposit is sometimes viewed as how sincere your offer is. Not all buyers can afford a large good faith deposit, however, this is a factor that has been counter offered when multiple offers are on the table. so, if you can afford put $5000 good faith deposit instead of $2000 it can help. Another factor that can be of great help is to have a full underwritten lenders approval ( not just a preapproval letter) ready. When I receive multiple offers on a listing I want to see who has already had their loan package in front of a underwriter and received full approval. I don't want to encourage my sellers to accept an offer, not knowing whether the buyers are going to struggle to get approval and require several close of escrow extensions. Call at any time with any questions. 951-452-9113. www.sternerhomes.com

Nov 25th 2014
2
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,568 contributions

The truth is the program you use or the down payment size should have nothing to do with winning an offer. The reality is that many uneducated real estate agents do make a stink about program and down payment size. The BEST performing mortgage in the country is a no down payment VA loan, but many agents think small down payments somehow make you less viable. Completely asinine, but... Make your best offer based on your personal finances, and pray the seller has a smart agent. Good luck!

Nov 30th 2014
2
0
Gordon Cuffe (gordoncuffe)
#323 ranked lender in California - 1 contribution

offer to pay all closing costs so that the net cash to seller is more. Get seller drunk

Nov 25th 2014
1
0
Subscribe to our news feed.