The highest offer is not always the one most likely to reach closing. Financing quality, realistic timelines and the complete set of conditions should be assessed with price.
Key takeaways
- A recent letter from an identifiable institution or professional is useful evidence.
- A larger down payment may provide more flexibility if the lender’s appraisal is below the offered price.
- A short deadline must still allow time to review the property, collect documents and, when needed, obtain an appraisal.
Read the preapproval evidence carefully
A recent letter from an identifiable institution or professional is useful evidence. It does not necessarily disclose every condition or confirm that the property has already been discussed with the lender.
Within appropriate limits and without requesting unnecessary personal information, it is useful to clarify the level of review completed and the ability to meet the proposed deadline.
Down payment, appraisal and available cash
A larger down payment may provide more flexibility if the lender’s appraisal is below the offered price. It does not make the offer risk-free; available funds and other conditions still matter.
In a multiple-offer situation, it is especially useful to understand what would happen if the lender’s value were below the price. This should be considered before acceptance.
Realistic timelines and coherent conditions
A short deadline must still allow time to review the property, collect documents and, when needed, obtain an appraisal. OACIQ form deadlines are calculated in calendar days, including weekends and holidays.
Financing should be compared with inspection, the sale of another property, occupancy and other terms. My role is to explain each offer’s strengths and risks so the seller can choose according to their priorities.