Offering cash then applying for a loan
Is it ok to offer cash to buy a home then once the offer is accepted get a loan from a lender? Is this legal? Seller would get cash upon closing either way but the question is would the loan be approved at the time agreed upon? by harryh647 from Boulder, Colorado. Mar 23rd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
No, it really isn't OK. The seller is accepting your offer of cash, as they then have no worries about your financing falling apart before closing. Usually the seller will ask for proof of the cash, with bank statements, or letters from the bank indicating you have the cash, so you are unlikely to get away with it anyway. I lend in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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