Point2Homes

SEPTEMBER 30, 2021

It’s used by buyers who already have a home they’re looking to sell to finance buying another one. You can protect yourself from potential cash buyer scams by requesting ‘Proof of Funds’ documentation and asking for a non-refundable deposit that’s at least 5% of the selling price. If not, the deal falls through.

Pre-approval 98

Pre-approval Proof of funds Inspection contingency Due diligence 98

HomeLight

AUGUST 31, 2021

Ask for proof of funds: You should always obtain documentation that a person or company is who they say they are and actually has the funds and abilities to complete a transaction of this size. Even if you’re selling “as is”, an inspection could still be required. Ask for proof of funds and EMD.

Proof of funds 144

Proof of funds Investor Due diligence Closing 144

HomeLight

APRIL 30, 2021

Buyers using financing and putting down 20% or more. Buyers using financing and putting down between 10% and 19%. If you’re using cash, you’ll have to show proof of funds with your offer. Because of the due diligence involved with issuing mortgages, it takes a lot longer to close on a home with one.

Due diligence 103

Due diligence Finance Proof of funds Earnest money deposit 103

HomeLight

MARCH 13, 2023

Insurance companies may not insure homes with aluminum wiring or Federal Pacific Stab-Lok electrical panels due to the greater risk of fire. You are either replumbing the house, rewiring the house, or putting a new roof on the house prior to closing so that a financed buyer can get insurance.

Sales 86

Sales Investor Due diligence Renovation 86

HomeLight

JANUARY 5, 2022

If your friend plans to pay for your home with all-cash, then you want to have your attorney verify proof of funds. However, if your friend intends to finance their purchase, they should get pre-approved by a lender for the appropriate loan amount before you consider them a buyer in earnest.

Pre-approval 108

Pre-approval Purchase and sale agreement Title search Title 108

HomeLight

AUGUST 24, 2022

However, this buyer needs a mortgage to finance the deal, and that can take months. Do your due diligence. Before signing an offer, ask for proof of funds. The serious, professional, reliable home buyers will gladly show you legitimate proof of funds.”. Skip the appraisal. Property investors.

Purchase and sale agreement 107

Purchase and sale agreement Title search Proof of funds Title 107

HomeLight

MAY 24, 2022

Everyone involved will need time to perform their due diligence. Without a lender to verify funds, the seller will likely request proof of funds and earnest money from the buyer. Inspections: One week to book; 2 to 4 hours to complete. Why does it take this long?

Purchase and sale agreement 107

Purchase and sale agreement Closing Title search Title 107