Home search cash only but have loan
1 Reply
Joy Z.
from Gaithersburg, Maryland
posted about 3 years ago
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
Brie Schmidt
(Moderator) -
Real Estate Broker from Chicago, IL
replied about 3 years ago
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.
Free eBook from BiggerPockets!

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing