Yes, you! You can be the winner of these wild bidding wars, just keep reading to find out how!

The harsh reality of today’s Denver market is this: all-cash offers are usually those accepted in a multi-offer situation.

Let’s face it: when a seller is choosing between an all-cash offer and one made using a traditional mortgage lender, which do you think they’ll pick? The quick cash closer or the slower, more uncertain option, the financed buyer. In fact, according to national statistics, a cash offer is four times more likely to win in a multi-offer situation over an offer with a mortgage!

“You’re kidding, right?” Don’t Worry! We have a solution.

Anyone who qualifies for a mortgage can now become an all-cash buyer with the iLender program, Accept.inc. Our team has used Accept.inc for several transactions with great success, and we’re excited about the new improvements to their lending process which we’ll discuss below. But first, let’s dive into exactly what this cash buyer program is all about. 

What is Accept.inc?

Accept.inc is a new type of mortgage company, a non-traditional lender, that gives everyday people the certainty, speed and competitive advantage that comes from shopping the housing market with cash.

Accept uses their cash to purchase homes on behalf of buyers who are able to become approved in securing a mortgage through Accept.inc’s internal underwriting department. Their business model allows the company to buy the home first and then sell it to the interested buyer at the same price, and their interest rates are similar to traditional loan companies.

Pre Approval Process

Their pre-approval process is similar to other traditional lenders, you’ll need to fill out an application and provide some basic documentation. After these initial steps, Accepts approval team will review your file to see if you are eligible for an Express Cash Approval, which empowers buyers to make cash offers in 24 hours or less. 

If not approved for the Express Cash Approval route, they will continue with a full upfront underwrite for standard cash approval, which takes only 3-5 business days. In this case, Accept.inc will provide you with a traditional pre-approval letter, just like other lenders, so that you can start shopping immediately and submit a traditional offer if you find your dream home before you are fully approved to offer with cash. Once you are cash approved, you can submit an all-cash offer with Accept.inc’s proof-of-funds. Accept.inc will purchase the home and reserve it for you until your loan is ready to close. The home is then sold to you at the same price that it was purchased for with no additional costs or markups.

A traditional lender underwrites after you are under contract on a home, which means they may determine that your finances don’t qualify for a loan right at the finish line. Accept.inc gives buyers greater certainty upfront. To give buyers this advantage, Accept.inc needs to ensure that buyers using their service qualify for a loan BEFORE submitting an offer with their cash.

Closing Process

Traditionally, every transaction with Accept.inc would have two closings: a cash closing and a mortgage closing. 

At the cash closing, ‘Accept Holdings LLC.’ uses their cash to purchase the home from the seller. At the mortgage closing, Accept.inc sells the home back to you at the exact same price, once you’ve been approved for a mortgage closing through their underwriting department. Accept.inc looks to complete the mortgage closing within about 10 days, when you’re able to take the title and move into your new home. The whole transaction, including both cash and mortgage closings, takes less time than a standard closing with a traditional lender.

New & Improved One-Close Model

This past Monday, Accept.inc announced they will be introducing an even more seamless one-close process. Effective May 12th, there will only be one closing, with the buyers name on submission. 

The exciting perks of this improved process are; 

• No longer having to explain to the listing agent who “Accept Holdings & Relocation LLC.” is on the offer submission.
  
  
• There is no longer an Earnest Money Deposit required by Accept.inc.
  
  
• Buyers can still close with cash in as few as 10 days, allowing them the ability to move into their new home immediately after closing.
  
  

That’s it. No fine print. It’s simply a new (and long overdue) approach to mortgage lending leveling the playing field for those of us who aren’t A-listers rolling in cash, but still dream of owning a home.

If you’re curious to hear more about Accept.inc, or our teams experiences using accept.inc, don’t hesitate to reach out to [email protected] so we can get you in touch with a Real estate agent on our team. Let’s discuss how to make your next offer on a home an all cash offer!