The U.S. housing market is a puzzle. While a welcome dip in mortgage rates on Wednesday offered a glimmer of hope to weary buyers, the broader landscape remains a confusing stalemate. Housing inventory is slowly rising, yet sellers are hesitant to lower prices, and high borrowing costs continue to sideline potential buyers.
In this challenging environment, how does anyone actually win a deal?
Jordan Blake, a software engineer in Seattle, just did. After a frustrating start, he beat out six other offers to purchase his first home—and he didn’t even have the highest bid. In an exclusive interview with FingerLakes1.com, Blake revealed the powerful but often overlooked mortgage strategy that made his offer irresistible.
“I was convinced it wasn’t possible in this market,” Blake said. “But learning about the tools that exist beyond the usual playbook made all the difference.”
The Problem: When a Pre-Approval Isn’t Enough
Like many hopeful buyers, Blake started his search with a pre-approval letter from a large national lender, confident he was in a strong position. He quickly learned otherwise.
“I lost out on three offers right away — even when I bid over asking,” Blake recalled. “One seller’s agent told my Realtor that my offer just didn’t look ‘strong enough,’ which was confusing to me at first.”
This is a common story in today’s market, where sellers who finally list their homes are terrified of deals falling through. With rising inventory in key markets like Denver and Miami-Dade, sellers have more offers to choose from, but they prioritize certainty above all else.
The Solution: A Fully Underwritten Pre-Approval
Frustrated, Blake asked his loan officer how to make his offer stronger without simply offering more money. The answer was a game-changer.
“My loan officer recommended switching to a fully underwritten pre-approval, sometimes called a ‘TBD underwrite,’” Blake explained.
Unlike a standard pre-approval, which is based on estimates, a full underwrite involves submitting all financial documents—income, credit, bank statements—to the lender for a complete, upfront verification process.
“It’s a longer process up front, but the result is that when I submitted an offer, I could waive the financing contingency with confidence,” he said.
This single move transformed his offer from a maybe to a certainty. For the sellers of the home he now owns, that certainty was worth more than a higher price.
“The listing agent told mine that the sellers were nervous about buyers backing out,” Blake said. “Because I had already been fully approved… they knew I could close fast, and that gave them a lot of peace of mind.”
Why This Strategy Is Perfect for the Summer 2025 Market
Blake’s strategy is particularly potent right now. The national average for a 30-year fixed mortgage rate dipped to 6.93% on Wednesday, slightly below the 7.12% reported by Freddie Mac last week, potentially drawing more buyers off the sidelines. This renewed competition makes a stronger offer essential.
The market is no longer moving in one direction. While hot markets like Miami (+9.4%) and Austin (+7.2%) are still seeing significant price growth, others like Boise (-3.1%) and Phoenix (-2.4%) are cooling off. In both scenarios, an underwritten approval provides a key advantage:
- In Hot Markets: It allows you to compete with all-cash buyers and stand out in a sea of offers.
- In Cooling Markets: It reassures sellers who are worried about their home sitting on the market if a financed deal collapses.
How to Win Your Bidding War: A 4-Step Guide
Based on his experience, Blake shared his advice for other first-time buyers navigating this complex market.
1. Get Fully Underwritten, Not Just Pre-Approved. “Don’t assume a pre-approval is enough,” Blake warns. Ask your lender directly if they offer upfront, full underwriting. It proves to the seller your financing is secure.
2. Use a Local Lender. Blake initially struggled with a slow, unresponsive national lender. He switched to a smaller, Seattle-based mortgage broker who was faster and more available. “That matters in a bidding war — sometimes you only have a few hours to act,” he said.
3. De-Risk Your Offer with a Pre-Inspection. In addition to waiving his financing contingency, Blake also waived the inspection contingency—but not blindly. “I had a professional inspector walk through the house before I even made the offer,” he said. This upfront cost gave the seller more security and still allowed him to make an informed decision.
4. Prepare for the Emotional Rollercoaster. “You might lose a few — I did,” Blake admitted. But having a sound strategy helps you stay within your limits and remain confident. “With the right strategy, you don’t need to be the highest bidder to win.”
Now a homeowner, Blake still marvels at the outcome.
“I walk through the door and think, ‘Wow, this is mine.'”
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