Back in the ‘Old Days’, circa 2007, we always used Evergreen Home Loans “Security + Loan Guarantee” which, in a nut shell says that If for any reason, Evergreen Home Loans fails to close the loan we will pay the seller $1000! This loan guarantee is subject only to an acceptable appraisal and title report. Our buyers had a leg-up on the competition when it came to multiple offer situations.
As bank owned homes and short sales took over the market we moved away from this powerful tool. But we’re pulling it off the shelf!
When it’s a seller’s market, you’ve got to make sure your buyer looks as strong as possible. Sometimes the highest priced offer doesn’t win the bid…it’s the one the seller and their agent KNOWS is going to close.
Here’s how it works:
- Buyers supply ALL of the required documentation
- We run the complete loan file through our underwriter (not the automated system, but through Judy our underwriter)
- She reviews and signs off on the entire loan file (sans the appraisal and title report)
- You get the guarantee to accompany your offer.
- The seller knows that you have a strong buyer, so YOU get the offer accepted
- We CLOSE FASTER! No hiccups, no mess!
It takes about 5 business days to run through this process but the benefit in the end is priceless. Let us know how we can help.
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