I would probably make it subject to financing that way if your buyers financing doesn’t come through you have a way out, unless it is a hot market or a great deal then they will probably accept an all cash offer. And remember a cash buyer does not mean they have cash it just means the contract is not contingent on financing. They will more than likely get the money from some other source, why use your own money when you could use someone else’s? For example I’m working with a buyer who has in excess of 20 mil in his account he sent me a proof of funds letter for an all cash contract, but he is getting a loan to buy a 68000 house.
Another REO addendum concern - Posted by Rick E.TX
Posted by Rick E.TX on January 10, 2003 at 20:45:23:
I went to go make a formal offer for a REO today. But all of the addenda are making me rethink my actions.
My intentions are to flip with a double close. There is one addendum regarding “subject to financing”. When and how would this apply for me to do a flip ? Is it subject to financing ? The buyer(s) I hope to attract have already been gathered by another agent in town, and she told me that one will be a cash buyer. I suppose this means that there are also some who will be financing.
I came straight to the message board after visiting with my agent to post about REO addendums, but lo and behold, someone had put the post there for me So of course I read it. I will be heeding some of the advice from it when I do decide to put in my offer.
So of course I read it. I will be heeding some of the advice from it when I do decide to put in my offer.