Profile picture for user5864777

Buying a house but waiting for cash!

I found a house and decided to buy. I am planning to buy full price in cash but I don't have the money available yet as I will receive it by the end of next week. I am really afraid that someone will place another offer while waiting and take the house from me as I know other similar properties are going very fast. I can pay now only 25,000$ from total price (184,000$). Is there anything that can be done in this situation?
  • May 23 2013 - Iowa City
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Answers (4)

I would get a realtor with great negotiating skills and put your offer in writing. Can you prove to a seller that you will have the rest of the funds within a week? If so, and if you make a full price offer, the seller might accept, contingent on your providing "proof of funds" within that time frame. Your realtor can put that stipulation in the offer.,Maybe explaining where the funds are coming from will help too. It is never up to the realtors. The decision is always between you and the seller.
  • May 23 2013
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Profile picture for wetdawgs
It is rare that a seller will accept an offer if the buyer cannot demonstrate at the time of the offer that they will be able to afford the house.  This means if they are planning on using a loan, they submit a pre-approval for the amount of the loan.  If you are expecting a cash settlement in two weeks, submit the documentation to support your expectation.
  • May 23 2013
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Profile picture for user5864777
But is there is anyway to proceed with the offer (like paying 10,000$) and negotiate with the seller not listen to other offers until certain period of time until I get the cash (few days)? 
  • May 23 2013
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Cash offers often require a 'proof of funds' along with the purchase agreement to prove the buyer is able to purchase the home. A proof of funds is either a letter from a bank or a buyers bank statement. But you would need to have the cash on hand to provide this proof.

  • May 23 2013
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