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Answers (2)
- christopher Burns, "Five Stars Mortgage"
- Contributions:50
Agreed, as long as there will be a mortgage on the property it will not be a "cash" offer.
The underwriting time frame will be much quicker with a hard money loan, but it will still be financing the property.
The underwriting time frame will be much quicker with a hard money loan, but it will still be financing the property.
- Doug Hutchins, "90 day rate locks"
- Contributions:721
It's not a cash offer. Your purchase is contingent on the lender providing the funds. Get a commitment letter from them, just as you would any mortgage co or bank. If they're legit they should be able to provide a letter stating they're providing the funds at closing. You may need to go thru a formal application process...similar to what a bank would do i.e. they'll want an appraisal to make sure there's enough value to protect their investment, etc.
If I use a hard money loan to purchase a condo, is it considered a cash offer?
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