Cash Purchase with PML - Please walk me through this...
Hello! We're getting closer to pulling the trigger on our first deal... we just want to be sure we get all our ducks in a row so there are limited surprises. We believe this is how things will work. Please let us know if we're missing something or have something wrong.
Once we get PML lined up (if they are willing to provide the funds), we make a cash offer on the property.
1) Cash offer subject to contingencies on home inspection (for info purposes only) and clear title; quick close as the property is vacant.
2) If accepted, home inspection completed with estimates on repairs/rehab.
3) Move forward with offer/rescind based on home inspection.
4) Close on property with check in full amount (minus deposit). Will there be any other fees with a cash transaction?? What else should we expect at closing?
5) Get keys and line up contractors to start rehabbing.
We just purchased our home not too long ago with a FHA mortgage - lots of requirements and paperwork. It just seems like the cash purchase as outlined above is way too simple. What am I missing?
6) Rent property through Property Management company.
7) Cash out refinancing after 6 months to pay off PML (both husband and I have full-time jobs and will qualify based on income).
Does this look right?
Any additional tips or things we need to think about?