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Real Estate Guides Home Buyer's Guide Positioning Yourself to Be A VIP Buyer
Real Estate Guides Home Buyer's Guide Positioning Yourself to Be A VIP Buyer
Last Updated on Wednesday, 10 June 2009 01:21 Written by Clancy Fort Monday, 17 March 2008 16:04
So, what is a VIP Buyer anyway? The simple definition is a buyer who can close the sale and proves it with documentation when they write an offer. Why is this important? IT WILL SAVE YOU MONEY!
So, what is a VIP Buyer anyway? The simple definition is a buyer who can close the sale and proves it with documentation when they write an offer. Why is this important? IT WILL SAVE YOU MONEY!
When a listing agent receives an offer for a property, the most important part of the offer isn’t the price; it’s a mess of other things which add up to the odds of the buyer being able to close the transaction. So, what does this mean to you, the buyer? The stronger you are as a buyer the lower the price you get to offer and typically the lower the price you will pay for the home.
So what makes a strong VIP buyer?
- Pre-approval letter from a mortgage broker with you FICO score, loan amount and the loan type.
- Show a bank statement or statements with all of the account numbers hidden with the down payment in it. (If you’re using an equity line, show the tax record for the property and highlight the equity line.)
- Keep you contingency removal periods in the contract as short as you’re comfortable with (We’ll talk about contingencies later.)
- Go for a short escrow period. The seller can always ask you for more time which is in your favor.
- Have the offer written in a way that the only thing you’re negotiating is the purchase price.
If the only thing you’re negotiating is the purchase price you will typically get a price in your favor.
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements. 
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.