Michael Shotnik
Branch Manager
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FROM OUR BLOG
February 20, 2019

Home Buyers Certainty Program

You may have seen our previous blog on our new program, Home Buyers Certainty. But just in case you missed it, we wanted to make sure you were informed! Keep reading to hear all about this amazing program and how it will benefit you in your home buying experience!

In the current market, one of the best ways we’ve been able to add value to our clients is to help them get an offer accepted on a property they want.

Over the past 12 months, the following strategies have dramatically increased our clients’ offer acceptance rate. Let me explain what we do, why it’s important to the seller, and why that means it should be important to you.

It’s important to know there are three different types of loan approval:

  1. Pre-qualification: this is simply finding out verbally which type of loan and purchase price you can most-likely qualify for. Pre-qualification is good for getting basic, ballpark info, but if you’re serious about making an offer, it won’t do much good. (The next level is: Standard Pre-approval)
  2. Pre-approval: Provide basic income and asset documentation, credit is pulled and the loan officer reviews your file. The Loan Officer then issues a single-page letter based on his/her review that is generally the minimum needed to submit an offer on the property. This is where most lenders stop. So, how we are different? We have something called the Homebuyer Certainty Program. Before you’ve even found a specific property, we will actually turn the file into Underwriting and obtain a formal loan commitment.
  3. Underwriting: is the party responsible for formally approving your loan request and our underwriter will sign off on everything having to do with employment, income, assets, down payment and credit.

Let me explain how this helps you, as our buyer. With full underwriting approval in hand, your offer will have the following advantages:

  1. You can offer to close your file as quickly as 10 days. Quicker closing provides the seller a lot more flexibilities when making plans on the next property.
  2. Will allow you to waive all financial contingencies, also known as the application and loan objection deadlines. This shows the seller that we have full confidence in closing your file and they won’t be stuck putting the property back on the market.
  3. We guarantee the Earnest Money deposit—that means that if for some reason, we can’t get your loan closed, we will reimburse you through the full Earnest Money deposit.
  4. We’ll guarantee our ability to close the transaction on time! If we don’t, we will pay the seller of the property $500/day for every day that we’re late. We close on time, every time, and we put our money where our mouth is.

Most properties on the market will have 3-5 competing offers. There are 2 ways to move your offer to the top of the stack: Price or Terms. By providing the strongest possible terms and guarantees, we give the seller every reason to choose your offer, even when they may have other offers at a higher price point. Don’t just settle for prequalification or a standard preapproval, make your offer stand out with our Homebuyer Certainty Program.

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.