If you are making a cash offer on a home, make sure you have the cash available.
By admin - Last updated: Saturday, August 7, 2010 - Save & Share - Leave a Comment
We recently had a bank cancel a contract entered into with one of our buyers when it became clear the buyer did not have the cash readily available to close. If you are planning on paying cash for a home it is important to make sure you have the cash available to close on the transaction.
A cash offer subject to refinancing other real estate you may own to pull out the funds or you are receiving a cash settlement from another source comes with a contingency that the seller needs to be aware of.
Failure to notify the seller of a contingency involved with you obtaining the cash you need to close on the home could result in delays, or the cancellation of your contract and potentially the loss of your escrow money.