Attempting to buy our Dream Home

[Alex Staats]

Hello ! My Fiancé and I are wanting to buy our dream home. I was approved for 180k & want to offer on an 125k property , but they wrote “cash only” on the Zillow listing.

I am working on trying to speak to the listing agent to be able to have a conversation if possible , but I want to know if I can offer that 180k conventional/FHA loan . Is that something I can do ?

Thanks in advance !

[Brandon Beardt]

Quote from @Alex Staats:

Hello ! My Fiancé and I are wanting to buy our dream home. I was approved for 180k & want to offer on an 125k property , but they wrote “cash only” on the Zillow listing.

I am working on trying to speak to the listing agent to be able to have a conversation if possible , but I want to know if I can offer that 180k conventional/FHA loan . Is that something I can do ?

Thanks in advance !

 Hi Alex,

No, you won't be able to offer the full $180K as an "all cash-offer" to the seller. Keep in mind that lenders will usually lend on either the lower of the actual sales price or appraised value of the property. If you're under contract at $180K but the value comes back at $125K, the loan will be based off the $125K value and you'll have to make up the difference at closing if you want the property. Doesn't sound like it's in your best interest. Like the others have said, there's a reason for the sellers are asking for all cash-offers. Maybe there's something wrong with the property or maybe the sellers just want a quick close. Who knows, but you should find out. Best of luck finding your dream home!