As the real estate market continues to become increasingly competitive, you might find yourself making offers on homes above the asking price. Possibly even waiving contingencies on the advice of your real estate professional, and still finding that you’re losing to competition on the house. This is something occurring nationally right now as most markets in the United States have competitive real estate markets. Here is one such program that New American Funding does to help someone who is pre-approved then become a cash buyer.
New American funding has a program called BuyerAccepted. BuyerAccepted essentially allows a pre-approved buyer to purchase a home and then buy that home back in a few weeks. Perhaps after another house has sold to avoid a contingency, or to make your preapproval incredibly strong. Here’s how it works. You get pre-approved, which means supplying the application and all the paperwork. Then the loan is sent to underwriting and is specifically guaranteed upfront that the loan is going to work. Say you’re interested in purchasing a house for $500,000. The buyer accepts will buy the home for $500,000, you can move into the home, and you’ll pay rent based on a daily per diem of whatever your mortgage payment is going to be. Comprised of principal interest taxes and insurance. Then you can buy the house back from the buyer accept with New American Funding’s help for the purchase of $500,000. The fee for the program is 1.5% of the purchase price. This includes the title fees and the escrow fees. There is no added double escrow fee. This is a way for you to make your preapproval a cash offer on a house. This also means if you are trying to buy a new home, but you have another home you must sell first it removes the ability to have to sell the other house first to perform. In other words, you wouldn’t need to sell your other home first. Avoiding what’s called a contingency to purchase the new home. Buying a new home noncontingent will make your offer extraordinarily strong. Additionally, let’s say that your just pre-approved and looking to make an offer on a new home but you’re in a tight market. You can essentially have BuyerAccepted LLC purchase the home for you all cash and then buy the house back from them a few weeks later which essentially makes you extremely strong from a negotiation standpoint.
This is a unique program New American Funding is offering with BuyerAccepted LLC that effectively allows someone to become a cash buyer right up front. The benefit of it is that it allows you to become a homeowner and or a successful home buyer by getting a competitive advantage when the other offers are using financing. Your offer becomes all cash. That’s the difference your real estate agent will appreciate it because their job will be easier. You’ll appreciate it because you have a fighting competitive chance, and the seller will appreciate it because they’re getting an offer that’s very strong that is nearly guaranteed to close escrow. Looking to buy or refinance a house? Start with a no-cost loan quote today!
RELATED MORTGAGE ADVICE FROM SCOTT SHELDON
View More from The Mortgage Files:
begin your mortgage journey with sonoma county mortgages
Let us make your mortgage experience easy. Trust our expertise to get you your best mortgage rate. Click below to start turning your home dreams into reality today!