The temperature isn’t the only thing that’s HOT in Arizona. The real estate market is on FIRE! Inventory is very low making it more and more competitive for home buyers. This alone is driving home values up giving home sellers all of the control.
One of the worst parts is that real estate agents are out submitting offers on several properties only to find out that 5 other offers came in the same time as theirs. Not to mention the properties are only staying on the market for a few days because of the many offers.
How stressful is it to drive your buyers around for several weeks, find a home they love and submit an offer, only to find out the sellers went with a different offer?
Why?
The other offer may have looked better even though it was the same price. Here is how you can beat out other offers and get more offers accepted using a $10,000 Assurance from PYT.
How to Get More Offers Accepted Using a $10,000 Assurance
No we aren’t just giving away $10,000! What we are doing is Protecting Your Transaction and giving you a powerful negotiation tool.
How you ask? Our PYT program!
What is PYT
(PYT) Protect Your Transaction is a quality assurance program adopted by qualified and licensed Mortgage Lenders that provides all parties involved in a real estate transaction with a financial performance assurance to ensure the lender involved completes the financing terms and obligations far in advance of the industry norm.
As mentioned above, it protects ALL parties. That’s what makes it so powerful. The lender will do the following
- Lender will pay $10,000 in the event it fails to deliver on its loan commitment
- Lender will issue a loan commitment on or before the 15th day from the complete mortgage loan application
- Lender will provide support and documentation to help you make the strongest offer possible on your new home
Lets explain how it protects each party.
BUYERS – because the Lender is committed and accountable for its commitments and performance. When your PYT Lender issues your PYT Loan Commitment, your Lender must deliver on that commitment or be responsible for its financial assurance of $10,000. That is a Lender loan commitment you can trust when scheduling moving vans and ordering utilities.
In today’s home buying market, most Sellers receive multiple offers on their home. The Seller of your new home is typically purchasing a new home as well and will accept the offer they believe is most likely to close.
Presenting your purchase offer to a Seller with a PYT Loan Commitment will notify the Seller that your offer has already been approved by your Lender and that your Lender is backing that approval with $10,000.
In many instances a Buyer will assign part of the $10,000 Lender assurance to the Seller. Because Sellers have a lot riding on the sale of their home, this assignment may help the Seller feel more confident and accept your offer over competing offers.
- Stating the Buyer has been issued a fully underwritten loan approval
- The Lender backing that loan approval with a $10,000 PYT Performance Assurance
By accepting an offer backed by a PYT loan commitment, the seller can feel confident your transaction will close and on time.
REALTORS – When submitting offers on behalf of your buyers, you want to make sure that the offer is attractive and sticks out when compared to others. This is were PYT comes into play. There is language in the PYT contracts that allow you to assign some or all of this $10,000 assurance to the seller.
Because sellers have a lot riding on the sale of their home, this assignment will help the seller feel more confident and accept your offer over competing offers because they are protected.
We see it happen time and time again. We also can call the sellers agent on your behalf to explain the offer and show them how it helps protect their seller helping you offers stand out from a traditional pre- qualification.
Sound like a plan? Give it a try! I’d love to help you get set up.
[gravityform id=”5″ title=”true” description=”true”]
