Be Prepared for the Bidding Wars
Usually, in a presidential election year, one would expect to see a slow down in real estate market in both Northern & Sothern California. But this is no usual year, and this is no normal real estate market. Over the past several months, we have seen the eagerness of California buyers to scoop up homes quickly that might otherwise have languished on the market. Because of the lack of inventory throughout the North Bay counties, and the eagerness of today’s buyers to move to more comfortable and user-friendly accommodations, homes are not staying on the market long. This brings us to “bidding war” scenarios of times past.
We all know, or should know, that pre-approvals are a great first step in the homebuying process, but now more than ever that is a truth we cannot ignore. The pre-approval letter shows sellers that you are a qualified buyer, a fact that will set you apart from others in this current ultra-competitive market. Here at Sun Pacific Mortgage we are often asked to prepare approval letters for buyers who are looking to edge out their competition. Because of our lesser restrictions with Hard Money financing, this is easier to do than other traditional lending institutions.
With the housing markets in Marin, San Francisco, Santa Clara, San Mateo and other Northern counties changing from moment to moment, and refinances and purchases flooding conventional lending institutes, hard money lenders, like us, are finding themselves quite busy. Buyers are finding that conventional lenders, such as banks and mortgage companies, have heavy backlogs of applications taking weeks and even months to finalize. We have been known to close a loan in as little as a week.
Sun Pacific Mortgage has been in the hard money lending business in California for over thirty two years now, and as a family-owned and operated business, we have been able to streamline our application and processing procedures. There is no underwriter to wait on. Our investors reply promptly to our trust deed offerings. Since these mortgages can be for as long as 15 years or as short as months, there is a solution for everybody.
We would be happy to see if our programs can help you get into a home quickly and with less stress. Give us a call at 707-523-2099 today and be on your way to happy house hunting in the North Bay areas!