The Highest Offer Isn’t Always the Best: Gaining a Competitive Advantage in a Demanding Real Estate Market

Mortgage Industry

Loan Officer Nick Wilson of the Bellevue, WA branch

“I lost track of how many offers this couple submitted. It was around 11,” said Nick Wilson, a loan officer in the Evergreen Bellevue branch office. He was reflecting on a recent set of homebuyers who were losing out to a number of higher offers. They became increasingly disillusioned as homes they loved received multiple competing bids leaving them to conduct their home search again.

To help homebuyers like Nick’s, Evergreen Home Loans created its Security Plus Seller Guarantee®*program. This unique program puts homebuyers in a strong position to purchase. It features a guaranteed financing commitment that strengthens their purchase offers, shortens the time it takes to close, while saving them valuable time and money over the life of the loan.

The program provides a fully underwritten loan amount with a guarantee that if the loan falls through, the seller will be paid $2,500. With a preapproval certificate in hand, homebuyers present with confidence. Often times, they stand out as the strongest buyer even when competing with higher offers.

This goes further than other preapprovals that simply run a credit report for a homebuyer. Offers without an underwritten loan guarantee provide the amount a borrower could qualify for, not the actual loan amount the lender will provide upon closing.

The benefit of the Security Plus Seller Guarantee is giving homebuyers a “serious buyer” advantage among others waiting around for financing approval that will take time and may not close.

When the couple that Nick worked with was ready to submit another offer, he took the extra step to ensure their offer would be placed on top. He armed the customers with the Security Plus Seller Guarantee certificate and then called the listing agent to discuss the program.

In this case, Nick’s customers were one of ten offers and their offer was not the highest. After phone calls from Nick, conversations with the couple’s Realtor® Villy Orcilla from the Homes & Equity Real Estate Group, and a personalized letter from the couple to the sellers, their offer was accepted!

Villy believes it was the Evergreen Security Plus Seller Guarantee that gave them the edge. “Sellers want a guarantee that you can close on time,” said Villy after the offer was accepted. “The edge in working with Nick is we collaborated to make sure it was an underwritten approval. When I make an offer with Nick and Evergreen, it’s ready to go. It’s not just a letter indicating the credit is checked, this one is more. It’s amazing that Evergreen will [offer the Security Plus Seller Guarantee], especially in this current real estate market. It’s unbelievable and it’s so competitive right now.”

“It does make a difference in the real estate community knowing our core philosophy is focused on delivering for the real estate community and our customers,” said Nick. “Evergreen is right here. Our underwriters are here. From the customer perspective, you get a more efficient experience when the underwriters are local.”

After the offer was accepted the couple was, “over the moon,” said Nick. “They messaged me the morning thanking me for going the extra mile for them.”

For Nick, it’s worth the time, “Not every lender does this, yet it makes a huge difference when you let sellers know the offer is underwritten and we can close. We’re pretty much calling every single listing agent so I can introduce myself and open lines of communication. Sometimes that just makes a difference, knowing that the lender is accessible and available.”

*Applies to purchase loans only. To qualify, buyer’s Security Plus Approval/Seller Guarantee Addendum must have been issued by Evergreen and the Seller shall have executed the addendum with their signature at the time they execute the Purchase and Sale Agreement on subject property. Certain loan types do not qualify for this offer. Restrictions apply. This is a registered trademark of Evergreen Moneysource Mortgage Company.

Mortgage Industry   /    March 23 2021
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