Got an ugly house? A less than stellar location? Wallpapered rooms? Shared driveway? Lucky you! The path of least resistance is now 4 lanes wide to sell your home in a likely multi-bid situation as buyers are anxiously considering paying more and accepting less than they ever dreamed, thanks to the current inventory shortage. Of course, unless you have a second home, are moving into a boat or a fifth wheel, you will encounter the same challenges as your less-than-satisfied buyers.
This can also present a challenge for buyers in a multi-bid situation who are not up to snuff with a decent pre-qualification, down payment (if required) and good credit. A seller considering five offers on the table will lean toward the financially strongest buyers in addition to other favorable terms. Working with a good buyer’s agent can be a tremendous advantage when writing your strongest offer in a highest and best scenario. The agent can advise you on keeping/eliminating contingencies, initial deposit, time restrictions and flexibility, and other strategies to make you the strongest contender.
- FHA: 620 preferred, available down to 500 but I won’t issue a pre-approval below 620.
- USDA: 640 required, 660 frequently needed for automatic approval and highest home purchase budget approval.
- Conventional: 620 required but PMI costs at that level make FHA look very attractive. 680 is usually the minimum score where It makes sense for the buyer to use a conventional loan versus FHA unless 20% down
Sellers- still not convinced that the problems with your home are insurmountable? Try us. We’ll come by for a HSTimate or you can request a CMA now and we’ll send you a report to give you an idea of what you could sell for in the best of times (now) and the worst of times (later) when more inventory is on the market. We offer the same service to all—the beauty and the beast.