You will not have the opportunity to back away from a signed contract because financing could not be obtained. If you sign a contract in Virginia you have the ability to decline any purchase based on the review of homeowner's association rules and regulations. But we encourage clients only to exercise this option if there is truly a conflict with the rules and regulations. You can also decline to purchase based on the results and negotiations involved in a home inspection. If buying a home from a builder is something you're considering, you can sign a contract with an anticipated completion date past the time frame you expect to obtain the money.
If you find a home which you would consider purchasing, we encourage you to contact an agent (we come with references), and begin the process of selecting the right home. Before you walk into a model home and begin discussing the details of a builder's contract, we encourage you to consult an experienced agent. We have written several articles about the home buying process. Click here to read about the basic steps of the home buying process. Please feel free to call us if you have additional questions. We can supply you with a comprehensive homebuyer's guide which is a great reference manual to additional questions in the future. Something important to remember: agent commissions for the buyer's agent are paid by the selling party (including builders). We provide real estate services in the Warrenton area.
Since you plan on paying cash, when you put in an offer on a home, the sellers are going to require proof of funds. (This is proof that you have the money available to you)
You can get this in letter form from your lending institution or the bank in which the funds are placed.
You will need that money at closing.