Types of Purchases We See Most Often

1. Cash
2. Mortgage for a portion or all of the purchase price.
3. Buyer must seller their present home in order to buyer a new home.
4. 1031 tax deferred exchanges.
5. Seller finances to a lesser degree and generally only on specific types of properties. i.e. land and manufactured homes on land built prior to 1976.

What You Need to Know and Prepare For

• • Cash buyers must provide evidence of having possession of the amount of cash indicated on the offer. This is attached to your offer and conveys to the seller that you are a qualified buyer to be taken seriously.  You and I can chat about what this documentation should look like.
  • Buyers with a loan need two things. First, a preapproval document from a lender (see below) and second evidence of cash down payment funds. Both of these documents are attached to your offer. To be taken seriously by a seller, these documents are vitally important.
  • 1031 buyers,  I can work with your exchange company to obtain the documentation needed for your offer. If you don’t already have a 1031 accommodator (exchange company), please let me know and I’ll refer you to a trusted company.  1031 exchange companies are not regulated by the Federal government, making it vitally important to choose wisely.
  • Seller financing is very rare but I am experienced in the contract and note process for these types of sales. Most sellers do not offer financing unless they can’t sell their property with a traditional loan or in some cases, there are tax advantages for sellers to seller finance. Caution should be used when purchasing properties not eligible for traditional financing.

Etc.

It is possible to submit an offer without evidence of cash or loan approval. However, contract work is serious business and I carry the responsibility to you and other parties in the transaction very seriously, therefore I generally require the appropriate documentation in order to write an offer.

Lender choice is 100% up to you. However, as a suggestion, I suggest working with a local lender that is well known and trusted or someone you have successfully worked with before. Choose a lender that is responsive to calls and email. One that has a streamlined online process but is also available for a sit down meeting with you or at minimum a Zoom meeting. You can work with any lender you choose. There are legal requirements about choice, even when buying a brand new home (though new home developers can require you to apply with their preferred lender yet you can ultimately choose a different lender if you prefer). Choose a lender that has local responsibilities and whose reputation is on the line.  in a multiple offer situation, your choice of lender can make or break the sellers choice on buyer.