Don’t be fooled by unreliable buyers who claim to be able to buy your house for cash.
This is a very large transaction and asking the right questions can make all the difference. Failure to do your homework could cost you months of wasted time and money!
It’s important to read the contract carefully and ask the following questions:
If they are buying your property “As is” why do they need an inspection period? They will use this clause to renegotiate the contract and wear you down.
If so, ask to see their Proof of Funds. This should be on the Bank’s letterhead or via a bank statement from a Bank that you recognize. A letter that says they qualify for a loan is not proof of funds and does not make them a legitimate cash buyer.
None of the above matters, if they can’t put down a deposit as proof of their intent to purchase the property with cash. You should expect a minimum deposit of $5000.