Are all Cash offers ideal

Are all cash offers ideal that Shana Acquisto, she’s a luxury real estate broker, and this is a nice home behind us. It is. You would want to buy one of those for your clients. We’re going to discuss if all cash offers are the best thing for you, right?

We all know cash offers are ideal. They come with less contingencies, they can close faster. And, you know, typically, you know, most of the time, that’s great. Just do your due diligence ahead of time and make sure that you verify who this entity is that’s purchasing your home.

Make sure your proof of funds have been received and that you have verified them. Yes, people will give you false proof of funds. Don’t know why what the angle is there, but just understand that a lot of investors are cash buyers. They do not have to be licensed to do this. So, you know they’re operating without a license.

Most of them, if they’ve been around for a while, are pretty familiar with the intricacies of the contract and things like that, but not all the time. So you must be very careful to if you are a listing agent and you receive a cash offer to just do your homework and verify all of these things.

So let me let me jump in there. So one thing you can do is you can have a VOD and a VOD stands for verification of deposit. And what that would do is you would go ahead and verify your deposit with the bank and have a second document to support your proof of funds.

To show you have this much money there in a VOD is done verification a deposit, and that shows that you actually have this money and you put the two documents together, and it’s some more supporting information, sure, showing that you actually have that money.

So if you’re putting in set offer all of a sudden in the back of everybody else’s mind, if they only provided proof of funds but not a verification of deposit, then you can make their offer seem like it’s not as legitimate because it doesn’t.

It hasn’t been verified. So I would strongly strongly consider that. And they want to be clear on that up front that cash offers must have a verifiable proof of funds, right? Because sometimes we’ve made phone calls and it’s been somebody and it’s just like they were asleep on their couch or like, Hello, and it’s supposed to be a bank.

So just be careful there on that. Another thing we’re seeing recently is Home Partners of America and Opendoor. We’ve seen offers received from those two entities. I have heard through my broker networks and other networks that any time they have done offers with those two entities, they’ve actually gone very well, especially home partners of America. So don’t be afraid of those coming in.

On the other side, I know we’ve talked about when you purchase a home owned by a different entity, it can come with some complications.

But on the other side, it looks like those are going smoothly. So just do your homework. The the last thing I’ll say about this is cash offers. You know, we have one right now.

One of our agents is working a cash offer verbally, right? Just to see, do you think this is worth our time? Well, once they do it, if it’s a cash offer, just make sure when you’re checking the seller that it’s not and or assigns.

Because if what they’re trying to do is to sign the contract that opens a whole other can of worms that we want to avoid. So if you guys have questions on this, let’s talk about it. But the the assignment contracts, you know, we have to be extremely careful on those not in like a good and or assigns contract to get your day started.

Episode Links

Home Partners of America , proof of funds, verification of deposit , Mike Acquisto , Shana Acquisto , TNT 

Episode Recorded Live on YouTube 02.25.22

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