{"id":12180,"date":"2019-09-18T12:56:25","date_gmt":"2019-09-18T19:56:25","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=12180"},"modified":"2019-11-13T14:13:11","modified_gmt":"2019-11-13T22:13:11","slug":"how-local-loan-officer-helps-you-win-bidding-war","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/how-local-loan-officer-helps-you-win-bidding-war\/","title":{"rendered":"Buying In A Competitive Market? How A Local Loan Officer Can Help You Win a Bidding War"},"content":{"rendered":"

Today\u2019s real estate market is more competitive than ever. With housing inventory low<\/a> across the country, more homebuyers are entering bidding wars.<\/p>\n

In cities like Denver and San Francisco, homes fly off the market in record time. So what does this mean for you when you\u2019re ready to purchase a house?<\/p>\n

You\u2019ve got to utilize any edge you can get over the competition. One way to gain an advantage is to use a local loan officer. Here\u2019s why:<\/p>\n

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Source: (CoWomen\/ Unsplash)<\/figcaption><\/figure>\n

A local has relationships<\/h2>\n

One reason to choose a local loan officer is the fact that they have relationships with real estate professionals in the area. A lender with a strong record of closing deals in your market can give listing agents a boost of confidence in your home offer.<\/p>\n

\u201cAgents become aware of a local loan officer,\u201d said Richard Helali, one of Eave by HomeLight\u2019s<\/a> expert loan officers. \u201cEventually when they see an offer come through with that loan officer\u2019s name on the pre-approval, they think \u2018oh, they were awesome last time, I know these people!\u2019\u201d<\/p>\n

In a market where homes sell like hotcakes, these relationships can be make-or-break. A lender with a local presence can give your offer that extra push it needs.<\/p>\n

Local loan officers can offer speed<\/h2>\n

When you\u2019re in a competitive market, time is of the essence.<\/p>\n

In Denver, for example, luxury homes spend an average<\/a> of just 17 days on the market; in Silicon Valley, it\u2019s a mere 11 days. Meanwhile, the average home loan<\/a> takes around 43 days to close.<\/p>\n

In cities with quick turnarounds, buyers are often up against multiple bids, not to mention all-cash offers. A local who truly understands your market may be more adept at getting you to the closing table quickly.<\/p>\n

With a large lender, your application may not be prioritized, or your loan officer might not really understand how to navigate your market.<\/p>\n

A boutique lender with a local presence, on the other hand, knows all the tricks to making you a competitive buyer in your area. A few lenders can even underwrite your financials prior to making an offer, strengthening your bid and making home sellers more likely to choose your bid.<\/p>\n

Ultimately, a home seller wants confidence that a deal will close, and that the transaction will be as quick and painless as possible.<\/p>\n

A lender with a local presence, strong relationships and a record of closing homes quickly can make all the difference in pushing your offer over the top.<\/p>\n

Tips for choosing a lender in a competitive market<\/h3>\n