Financing in San Marcos>Question Details

Marian, Home Buyer in San Marcos, CA

If I want to pay cash for a condo, do I still need to go through any other approval?

Asked by Marian, San Marcos, CA Sat Jul 7, 2012

Do I need to fill out a loan application if I paying cash and have funds verification to show availability?

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David Quinn’s answer
Legally, you need nothing else. It is recommended that you provide documented proof of funds to the seller. This is a requirement in the CA Purchase Agreement. Realize that the contract to purchase a home/condo is between you and the seller. The agent is aware of the laws and guides through the purchase process. Your proof of funds must cover the projected closing costs, which may include escrow costs, transfer fees, your portion of the tax proration, HOA transfer and dues proation, and othercosts. Escrow will provide the estimate.

David E Quinn, Realtor®
CA DRE Lic # 01769810
Bentley Real Estate
760-716-8390 cell
760-294-4369 fax
1823 Seco Glen
Escondido CA 92026

For each of your referrals that closes escrow with us, I will donate $200 in your name to
Rady’s Childrens Hospital Hematology/Oncology Center or to the Charity of your choice
0 votes Thank Flag Link Sun Jul 8, 2012
No..,.All you need to do is show proof of funds when you send out an offer!
0 votes Thank Flag Link Sat Jul 7, 2012
Hi Marian,

The questions as to what you would need to show in order to purchase with cash have been answered.

With a condo comes an HOA, do you homework. Due to the economy, many HOA's are not as financially stable as they were. Have an accountant look at the HOA docs to see if they are solvent or unstable.

Best of luck to you,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
0 votes Thank Flag Link Sat Jul 7, 2012
Hi Marian,

No approval needed just need proof of funds to cover purchase and closing costs if you will be paying your own.

Let me know if can assist :-)

Marco A. Bernardino
Broker / Loan Officer
CA DRE Broker Lic# 01488631
NMLS ID# 263025

1645 Capalina Rd Suite 800
San Marcos, CA 92069
Direct: 760-533-5117
Office: 760-591-7400
e-Fax: 877-294-6482
0 votes Thank Flag Link Sat Jul 7, 2012
No other approval is needed! You will just need to provide your agent with proof of funds in order to have your offer accepted.

Theresa Mack
0 votes Thank Flag Link Sat Jul 7, 2012

No other approval needed, just a recent bank statement showing your name with available funds. It is getting quite competitive with multiple offers on most properties, within the first few days (if they are priced right). So you will want to have a full time active agent to work aggressively for you in order to get your offer acccepted over others. Let me know if you want my help!

Good Luck Marian!

Chris Gorno
DRE# 01499885
Windermere Real Estate SoCAL
0 votes Thank Flag Link Sat Jul 7, 2012
Usually the listing agent/seller will ask to see proof of funds to close the deal. That's it.
0 votes Thank Flag Link Sat Jul 7, 2012
If you have the cash and can verify your funds, that is all that will be needed on the money side of the transaction!
0 votes Thank Flag Link Sat Jul 7, 2012
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