Cash offer accepted. Can I still get a loan to finance it?

[Stephen N.]

I entered a cash offer for a REO that was accepted. However, I think i can get a loan pretty easy to fund the deal. Am I obligated to use my own cash for a cash offer or can i get a loan?

sorry if that's a dumb question.

[J Scott]

Originally posted by Aly L:

Thanks for the info, can I ask what the stipulation says? Is it simply "buyer may switch from cash to financing"?

That's the gist of it...

The exact wording we use is:

"This is an all-cash offer, and proof of funds is attached. However, buyer may choose to close this transaction with a loan from his preferred lender. Note: There is NO FINANCING CONTINGENCY, as cash will be paid if Buyer chooses not to secure a loan."