Tell Them It's Cash Even When It's Not?
Is there a problem telling the mortgage company I'm trying to do a short sale with that it will be a cash transaction, even if I'm not sure how I will pay yet? I can show them proof of funds, but I don't necessarily want to use those funds. Would they get ticked off to find out that I am trying to secure financing, e.g., it might hold up the deal, or for any other reason?
I am not being a smart ass, but I think there may be a typo in your first sentence, that is making it hard to understand. Or, I might just be stupid. I am going to try.
I think either way, you have described a cash transaction. It would not be your cash if you acquire financing, but I like benjamins just the same, no matter who is handing them over. If you go for financing after telling them "cash" would be the preferred method of payment, I would back into it like this. I meant that I am not looking for you to finance any of this purchase. All funds will be paid at closing with cash coming from myself and all of my available resources. I have the luxury of having investors (banks or what ever) who want me to use their capital. Once and a while, when it makes sense, I preserve my own capital, and use theirs. I assumed your main objective was to make sure you were paid in full, and I have ever intention of doing just that. With that said, I hope you feel comfortable knowing I have my own funds in place, available at a moments notice should complications occur.
If this makes no sense, just ignore it...I'm goin to make another cocktail.
[addsig]
Provided you can fund the deal by the expiration of the short sale acceptance period (usually 30 days) the bank shouldn't care where the funds come from. It will be cash to them anyway.
J
[what i say is] ... what jorge said!
if you say cash and i ALWAYS do, then just meet the date and you have a place. it all ends up to be a big paperchase anyway. i haven't done 10 shorts yet, but i haven't gotten asked once for verification of funds when i put cash.
Thanks for the input, everybody. nlsecor, I see how it sounds funny now that I re-read it, but it is grammatically correct. I know because I'm the Grammar Nazi.
[addsig]
Cash is a term used to say "your going to get ALL your money at once. i have my affairs in order" .weather it be your own check that will clear the bank or someonelses check that will clear teir bank b/c you borrowed it!
On the other hand you would not ask a seller how much "cash" he needs and then ask hin to take a carry back for it.
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B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/22/2003 ]