Best Negotiating Strategies to Win the Market (2)
Rise above Your Competition There are likely to be several people submitting offers simultaneously for the same property that you are interested in. What do you have that would be highly regarded by a lender, and that would give you an edge over your competitors if their offers are for similar amounts?
The answer is “an outstanding credit report.” First, with excellent credit, there is a greater likelihood that you will be able to obtain financing, either from the lender that is selling this property, or from another financial institution, without the customary delays that can accompany a questionable credit history.
This will help expedite the sales process and removal of the property from the lender’s inventory. Second, an outstanding credit rating is indicative of your willingness and ability to pay your mortgage in a timely fashion, which means that if your offer is accepted, the owner of the bank-owned property doesn’t have to worry that the property will return to its inventory in the near future.
You can call and inquire as to which of the credit report providers the lender prefers. Obtain a copy of your credit report from the reporting agency (or agencies) and submit it along with your written offer. Your diligence in maintaining a great credit rating is something to be proud of, and it makes good business sense to use this hard-earned resource to your advantage.
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