submitted by anon to askanon3.8 yearsAug 10, 2021 14:35:11 ago (+3/-0) (askanon)
I'm just about ready to start house shopping in a hot market where inventory is low and houses get snapped up quickly (usually within two weeks of listing).
I'll be able to buy with cash in two weeks when my current house closes so that's a blessing (especially since we probably wouldn't qualify for a mortgage).
Here's my question; do I hire a real estate agent to start looking for homes for my family now or in two weeks when I have the money in hand?
I ask because there is a property I'm interested in that went on the market yesterday. I don't want to miss the opportunity to buy it. But I have nothing to show for it until two weeks from now.
We're so close yet so far and it's making me sick lol.
I don't think that will be good enough. I found this a minute ago:
Proof of Funds for Cash Offer
Every buyer needs to show proof of funds before closing on a home, right up to the day of closing. This is true whether you're taking out a mortgage or purchasing the home with cash. The seller needs to know whether you can actually afford the home before proceeding. If you can't, the seller is simply wasting time by entertaining your offer.
You don't have to fill a briefcase with wads of cash as proof. All you need is a proof of funds letter from your bank. According to Corporate Finance Institute, this document includes the bank's contact information, the combined amount of cash in your checking and savings accounts at the time the letter was processed and the signature of a bank representative.
You may be able to submit bank statements in lieu of a proof of funds letter. Ask your lender. If bank statements are permitted, submit both your checking and savings account statements.
Avoid These Mistakes
When creating a proof of funds letter, the bank can only consider liquid assets. It doesn't matter if you could sell your car or current home to get enough cash for the purchase. Unless it's already in a checking or savings account, it won't be included on your proof of funds letter.
Rent for awhile and see what happens in our world. Convert the dollars to precious metals and wait. You can always convert back to dollars. If economy goes to shit you may realize a large investment return. You’ll be liquid. Some mints like Scottsdale Mint will allow you to store in their vaults if preferred, plus I think they also have a program where you can draw on the stored accounts value with a debit card.
I’m a licensed agent in Ohio. I would contact an aggressive buyers agent. Talk to managers of your local Real Estate offices. Make sure you interview and they are aggressive. I would start now. Some sellers will have no issue taking an offer contingent on your closing if you are past inspections and if you have a loan commitment from your buyer. Don’t wait start now and find a house. Your offer now is stronger than a financed offer.
Thanks for this. Yes, we have a loan commitment from my buyer so I get what you're saying; it's as good as cash in hand. Thanks for the advice, I'll get right on it.
Just wanted to update you; I took your advice and got a buyer's agent who's very aggressive and seemingly on top of their game. We have a showing tomorrow morning! Thanks, buddy.
I was a broker for 6 years. Wait the two weeks until you have cash in hand.
My advice is this: do not commit to a buyer's agent. Check out the local MLS listings and CALL THE LISTING AGENT. Tell the LISTING AGENT that you are an "unrepresented buyer". Tell them that you would like them to select a BUYERS AGENT for you to show the property.
Having the buyer's agent from the same company guarantees that you will get your offer in front of the seller. Tell the buyer's agent that it would be deeply unfair of you to drag them from listing to listing so if the transaction doesn't work they won't be coming with you.
That is how you shop for real estate in a seller's market!
[ + ]anon
[ - ] anon 2987463 0 points 3.8 yearsAug 10, 2021 14:43:20 ago (+0/-0)
[ + ] anon
[ - ] anon 1562054 [op] 0 points 3.8 yearsAug 10, 2021 14:56:15 ago (+0/-0)
https://homeguides.sfgate.com/show-proof-funds-buy-house-cash-35669.html
Looks like I have to wait.
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[ - ] anon 2636964 2 points 3.8 yearsAug 10, 2021 15:20:16 ago (+2/-0)
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[ - ] anon 3371890 0 points 3.8 yearsAug 10, 2021 22:08:25 ago (+0/-0)
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[ - ] anon 3533390 0 points 3.8 yearsAug 10, 2021 16:00:20 ago (+0/-0)
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[ - ] deleted 1 point 3.8 yearsAug 10, 2021 15:43:56 ago (+1/-0)
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[ - ] anon 3371890 0 points 3.8 yearsAug 10, 2021 22:07:27 ago (+0/-0)
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[ - ] anon 1786526 1 point 3.8 yearsAug 10, 2021 16:34:24 ago (+1/-0)
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[ - ] anon 3371890 1 point 3.8 yearsAug 10, 2021 22:07:01 ago (+1/-0)
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[ - ] anon 1562054 [op] 0 points 3.8 yearsAug 10, 2021 22:11:23 ago (+0/-0)
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[ - ] anon 3886440 1 point 3.8 yearsAug 10, 2021 21:33:01 ago (+1/-0)
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[ - ] anon 1562054 [op] 0 points 3.8 yearsAug 10, 2021 21:45:17 ago (+0/-0)
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[ - ] anon 2850367 2 points 3.8 yearsAug 10, 2021 15:41:37 ago (+2/-0)
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[ - ] anon 3875445 3 points 3.8 yearsAug 10, 2021 16:05:48 ago (+3/-0)
My advice is this: do not commit to a buyer's agent. Check out the local MLS listings and CALL THE LISTING AGENT. Tell the LISTING AGENT that you are an "unrepresented buyer". Tell them that you would like them to select a BUYERS AGENT for you to show the property.
Having the buyer's agent from the same company guarantees that you will get your offer in front of the seller. Tell the buyer's agent that it would be deeply unfair of you to drag them from listing to listing so if the transaction doesn't work they won't be coming with you.
That is how you shop for real estate in a seller's market!
[ + ] anon
[ - ] anon 1562054 [op] 1 point 3.8 yearsAug 10, 2021 16:24:35 ago (+1/-0)