OneChicagoan, Home Buyer in Chicago, IL

If I plan on paying cash for a property, how soon at the earliest would I need access to my funds after putting my bid in?

Asked by OneChicagoan, Chicago, IL Mon Jun 10, 2013

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17
Id have it lined up quickly since cash usually has a closing within a few weeks. Speak to your agent about what the process looks like and when the money should be made available.
0 votes Thank Flag Link Tue Jan 7, 2014
It depends on the closing date and terms but in general you will need to give a deposit in the form of earnest money - think 5-25% depending on the type of deal- and then whenever you close you'll need the balance.
0 votes Thank Flag Link Mon Jan 6, 2014
You should have access to your funds prior to your bid as you will need to provide proof of your funds showing that you have the ability to to close on the property.

Sohail A. Salahuddin | Founder
Innovative Property Consultants Group | Sales and Leasing

Jameson Sotheby's International Realty
425 W. North Ave.
Chicago, IL 60610
312-437-7799 | Cell
312.335.3230 |Office
847.805.6030 | Fax
Sohail@jamesonsir.com

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0 votes Thank Flag Link Tue Aug 6, 2013
You need access to your funds right away. These transactions close in well under 30 days, so they will require proof of funds upon presentation of the offer anyways!
0 votes Thank Flag Link Tue Aug 6, 2013
These type of transactions usally close in 30 days or less . So it is best to get access your funds as soon as your offer is accepted.
0 votes Thank Flag Link Tue Aug 6, 2013
You closing date will determine when you need access to your funds. The faster you close the faster you need your money. I prefer, if possible you have access 3 to 5 days prior to closing so you do not experience any issues.

Let me know if I can help,

Sincerely,

Jeff
0 votes Thank Flag Link Tue Aug 6, 2013
Hello,

First you will need to provide proof of funds with your offer. You will need access 24-48 hours prior to closing since you will be required to wire transfer the funds to the title company.

Let me know if you need further assistance and good luck!
0 votes Thank Flag Link Tue Jun 11, 2013
You need to have access to your funds once the bid is accepted. This is all relative to the closing date. You will need to submit your bid with proof of funds.




Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Tue Jun 11, 2013
After earnest money is paid, then you will wire the money to the title co a day or 2 before closing.
0 votes Thank Flag Link Tue Jun 11, 2013
that depends on when you would expect to close
0 votes Thank Flag Link Mon Jun 10, 2013
Your earnest money will be due upon completion of attorney review. This amount can be as high as 10 percent. Many REOs or short sales will want proof of funds in a liquid account, so if you have to sell stocks, you may want to plan for that as it usually takes 10 days for that money to distribute into a money market with your financial institution.

Other than that it is usually wired to title company 1-2 day prior to closing.

I work with several client who go this route.

Hope that helps.
0 votes Thank Flag Link Mon Jun 10, 2013
You just need the money for the earnest money part, then the rest isnt due till close.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Mon Jun 10, 2013
You will need it at the closing. You will also need a small portion of it for the Earnest Money based on what the contract says.
0 votes Thank Flag Link Mon Jun 10, 2013
Just closed on a large cash purchase last Friday.

Initial earnest money will be paid with the offer. Final earnest money bringing total earnest money up to 10% of asking agreed upon sales price usually in about 2-3 weeks after offer, a few days after attorney review period has finished.

You'll need to be in a position to wire the remainder of funds ( closing costs, and balance of purchase amount ) a few days before actual closing date.

Since there are no mortgage/financing requirements, the seller may request proof of funds to verify your in a position to move forward probably a few weeks before close date.
0 votes Thank Flag Link Mon Jun 10, 2013
Depend of the type of sale , but David Hanna has a good answer
0 votes Thank Flag Link Mon Jun 10, 2013
if there is title insurance and a typical closing, 2 weeks to close would not be unusual. With your offer may be a request or requirement to provide earnest money, so that amount would need to accompany the offer.
As the buyer, you should define the closing date.
At an auction ,you may have to provide all funds within a few days.
0 votes Thank Flag Link Mon Jun 10, 2013
It depends on the status of the seller.

Is it a short sale, is it a normal sale, are the sellers ready to close now?

CASH means that you can close ASAP.
0 votes Thank Flag Link Mon Jun 10, 2013
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