Remove Banks Remove Loan contingency Remove Pre-approval Remove Sales
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11 Tips to Win a Bidding War on a House

Redfin

If you have been pre-approved for a specific amount, the house may not appraise for a higher price bidding wars often get to. If that’s the case, the bank could reject your mortgage. 1) For real ammunition, get pre-approved for a mortgage. Hold firm to your budget and walk away if necessary.

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What’s the Deal with Making a Cash Offer on a House?

HomeLight

Ever since the 2008-2009 recession, cash offers have become more prevalent, accounting for 33% of sales as of 2021 — that’s up from 20% in 2019. A cash offer simply means that a buyer already has the funds available to buy the house and can pay for it without securing a mortgage loan. Updated August 31, 2021.

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Use These 8 Strategies to Get Yourself a Home in 2022’s Real Estate Market

HomeLight

If they have underwriting approval, versus just a preapproval, they’re a much stronger buyer than someone with just a preapproval letter. Once you’re preapproved, your offer on a home is more likely to be accepted because you’ve made it further in the mortgage approval process. Only include essential contingencies.