- Rocket Homes Blog (2024)

FAQs

Do sellers always pick the highest offer? ›

Well, that's not the case. Securing the winning bid on a house isn't always as straightforward as accepting the highest dollar amount. In our experience, there have been countless scenarios where the highest offer wasn't the one accepted by the seller—This is because the highest offer isn't always the strongest buyer.

Rocket Mortgage ranks third in customer satisfaction among home loan lenders, according to the latest J.D. Power Mortgage Origination Satisfaction Study. Rocket also earns high marks in satisfaction for mortgage servicing — the collection of loan payments from borrowers and dispersing the funds to third parties.

The deposit amount varies depending on the purchase price, but a strong EMD is between 2% – 3% of the purchase price of the home. An offer with a strong EMD shows the seller that they are working with a serious and motivated buyer. Another way to show motivation is by shortening the standard contingency timeframes.

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Most sellers hope to have multiple offers, but sometimes it's best to take the first offer you receive. It may be tempting to hold out for a better price when selling your home, especially when your home is newly listed.

The type of loan the buyer has can also make a difference when weighing offers. “I've seen home sellers choose an offer that was less than the highest bid, simply because it came with conventional financing, which has less hurdles compared to, let's say, an FHA financed offer,” says Gelios.

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.

In general, you'll want a credit score of 620 to borrow from Rocket Mortgage. However, Rocket says they approve mortgages for borrowers with a credit score of just 580—and in some cases, those with an even lower score may still qualify assuming you meet other criteria.

Rocket Mortgage charges fewer servicing fees than most other servicers. Most importantly, there's no charge to make a payment on your mortgage, whether over the phone or online.

“The rule I've always followed is to never go more than 25% below the listed price,” he says. “Chances are, after fees, commission, and sentimental value, the sellers are already hurting. If you dip below that point, they may disregard your offer entirely.”

How do I convince a seller to accept my offer? ›

Typically, a lowball offer is considered to be at least 20% below the asking price. If you're offering 10% below, the property should be in a good condition but may just need some cosmetic work done. The goal of offering 10% below the asking price is to use those extra funds to cover the repairs.

This rating is calculated based on the lender's affordability, eligibility criteria for potential borrowers, and customer service. Rocket Mortgage has an A+ rating from the Better Business Bureau. Trustpilot scores Rocket Mortgage 3.9 out of 5 stars, which is a great rating, based on more than 3,600 reviews.

Rocket Companies, parent to Rocket Mortgage and other FinTech brands, celebrated its debut on the New York Stock Exchange as a publicly traded entity. Rocket Companies stock began trading under the ticker symbol RKT.

Rocket Mortgage (formerly known as Quicken Loans) is an online mortgage company. Guild Mortgage Company is a provider of mortgage solutions. Academy Mortgage is a mortgage lender focused on retail mortgage banking. loanDepot is a non-bank retail mortgage lender that provides residential loans.

It's understandable that many sellers—and often their real estate agents—believe they must accept a perfect offer. After all, aren't the buyers giving the sellers exactly what their listing asked for? However, there are currently no U.S. laws that require this.

While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure.

Some buyers and sellers might be hesitant to make a counteroffer because they're afraid to lose out on the sale or purchase of the home. Others might be eager to counteroffer to get a better price, timeline, or other terms. Most of the time, a counter offer is acceptable.

If the sellers are looking to maximize their profit potential in today's hot market, your low offer will likely be ignored. On the other hand, the sellers may be more receptive to taking less if they're facing a financial crunch, if the property was inherited or they've already closed on another home.