Home search cash only but have loan

1 Reply

I want to my a pre-auction offer on a property, seller's agent says I can make cash only offer even though Homesearch says cash only. I have financing and not cash in hand. Homesearch says cash only means cash only and I can lose my 3% deposit if offer accepted. Agent says doesn't matter. Has anyone made pre-auction offer on cash only but had a loan instead? How did bank handle situation?

Also is pre-auction good opportunity for a good deal?

Thanks

Originally posted by @Joy Z. :

I want to my a pre-auction offer on a property, seller's agent says I can make cash only offer even though Homesearch says cash only. I have financing and not cash in hand. Homesearch says cash only means cash only and I can lose my 3% deposit if offer accepted. Agent says doesn't matter. Has anyone made pre-auction offer on cash only but had a loan instead? How did bank handle situation?

Also is pre-auction good opportunity for a good deal?

Thanks

 I would be concerned with the advice you are getting.  As a broker myself, I would never tell a client to lie on an offer.  In my local area, there are reasons properties are cash only.  It is mainly because there are city violations that are on title so no bank will finance it.  

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