Are you not getting your bid accepted on your Metro Detroit foreclosures? Why do you ask?
You have to remember that the banks are looking just at the numbers and what is a better deal.
A cash offer will be accepted sooner on that Redford home, than an offer that you are just putting 5% down. WHY YOU ASK? Cash is king! That buyer has the money and there is no chance that the mortgage may not go through. 100% probability of closing. Some banks will take a little lower cash offer over a mortgage that is a thousand or two higher. The banks want a sure thing, cash is a sure thing. They will take that cash offer over your offer with a mortgage.
Are you asking for seller’s concessions and contributions? That is going to lower your chances if there are other offers. By asking for those things the bank knows you have no money and “are not the best borrower” Would you take the offer on the Novi home that is $359,000 or the offer that is $359,000 and 3% in sellers concessions. It is not only the net amount that the banks are comparing on the metro Detroit home. But also the perception that you may not be the best qualified candidate for a mortgage because you are asking for closing costs. The bank will many times go with the offer that asks for no sellers contributions or sellers closing costs even if the offers are exactly the same net amount.
So when buying a Metro Detroit foreclosure the less you ask for in financial help will be better for your deal. The more you put down or the all cash deal will help you secure that Metro Detroit foreclosure. Feel free to ask me how to structure your next foreclosure deal. Email me at info@RussRavary for you local Michigan foreclosure or click on the search for homes button above.
My thought of the day
“When things go wrong as they sometimes will
When the road you’re trudging seems all up hill.
When funds are low and the debts are high.
And you want to smile, but you have to sigh.
When care is pressing you down a bit.
Rest, if you must, but don’t you quit.
Life is queer with its twists and turns.
As everyone of us sometimes learns.
And many a failure turns about
When he might have won had he stuck it out:
Don’t give up though the pace seems slow -
You may succeed with another blow.
Success is failure turned inside out -
The silver tint of the clouds of doubt.
And you never can tell how close you are.
It may be near when it seems so far:
So stick to the fight when you’re hardest hit
It’s when things seem worst that you must not QUIT.