I know this is a short resource. Don’t worry, I got you.
Remember: You will still need keep some cash (or money in your bank account) for Out-Of-Pocket Expenses.
I explain all of those in a later step. This is just to get you started.
The Good News
Cash transactions are extremely fast and easy.
You can find it, see it, offer on it, and close on it in just a few days.
If you want to free up your money afterwards, you can probably refinance your purchase almost immediately and get a very large portion back.
Yes, that means a mortgage, but without the time and hassles of getting approved beforehand.
And you don’t have to do it, which means you can wait or negotiate the right deal for you.
The Bad News
Cash transactions are extremely fast and easy.
It’s easy to get ahead of yourself, and maybe make a (very) costly mistake!
Remember that Resource for Home Inspectors?
Yeah, your going to use that.
I refuse to let you buy a Lemon. 🍋
Unless that’s we have had that conversation, and you told me a Lemon is exactly what you’re looking for.
What you need to do:
Remember those Resources for the Title Company and Earnest Money Deposit?
You need to connect with the Title Company, preferably in person.
You will need to provide them with:
- Government Issued Photo IDs
- You Bank Statements with your Name & Balance
They will verify all of that for me.
Once it all verified and approved, I will upload them to this Portal.
We will need to send these as Proof of Funds when we make an offer.
Next Step:
Open two deposits with the Title Company. Yes, really.
The first one is your Earnest Money deposit. (Reminder – this is money you are willing to risk)
The second one will be the Balance of your Funding.
Simple Math Time:
You’re buying a $500,000 home.
You are putting 2% into Earnest Money. That’s $10,000.
Your Balance will be $490,000.
And you will also have those Out-Of-Pocket expenses, and any other Closing Costs, which the Title Company will give you an estimate early in the process.