a Division of American Pacific Mortgage Corporation NMLS 1850
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Over the last several years, we have heard how inventory was forcing home buyers into bidding wars over properties they were interested in purchasing.

That trend may be subsiding slightly as the market shifts. According to a recent report, in March just 16 percent of buyers got into a bidding war. That number, according to the report, was a whopping 61 percent a year ago.

In addition, the report indicates that homes are lasting on the market longer (two more days) than they were a year ago. This is a national study, however, so this may be different from market to market, but it is interesting that this trend is happening across the U.S.

Nonetheless, the Seattle/Tacoma/Renton communities are highly desirable markets and it is still important for buyers to know how to make their offer stand out should they fall into that 16 percent of home buyers who are still experiencing a bidding war.

Here are four key things you can do to make your offer stand out.

  1. Obtain a Pre-Approval – Get pre-approved by your lender, and better yet, use our Keys on Time Program* to show the seller that your loan should close on time and that you are backed by a reputable lender.
  2. Show your Flexibility – Show the seller that you can work with them on things like a leaseback period, more time to close, waiving contingencies, skipping cleaning, etc.
  3. Submit a Personal Letter – Include a letter about yourself and family in the offer, explaining why you love the home and all the plans you may have for your family in it. This may resonate with a seller who raised their family in the home.
  4. Choose the Right Real Estate/Mortgage Team – Try to find a real estate agent and mortgage team that have good reviews, know the neighborhood well that you are interested in and have strong communication. If you have a solid team behind you, the better chance you have at landing the home you are looking for.

At Element Mortgage, we believe we are the right team because we have extensive knowledge of the Seattle/Renton/Tacoma areas, to go along with years of mortgage experience. And we take customer service and communication seriously to make sure we deliver for our clients.

**Not available in Oregon. The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date. Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice.

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