All the best,
Submitting a cash offer is attractive to sellers because it means the property is not put "on hold" waiting for a mortgage contingency to be met. However, the seller may want proof of funds--that is, verification that you are financially capable of purchasing the condo at the price agreed upon. Keep in mind that a lender will require the property to be appraised before granting the loan. If the condo does not appraise out, you won't get the loan. If your offer has been accepted without a mortgage contingency, you will still be obligated to purchase the condo--which shouldn't be a problem if you have the cash and feel that the unit is worth the price you're willing to pay, in spite of the appraisal value, which may not account for all of the reasons you find the unit suitable for you.
Our company has excellent mortgage professionals who would be glad to discuss the process and help you prepare for financing your purchase. Please let me know if you'd like me to send you that contact information, or if I can be of further help.
Baird & Warner
The sellers just want to know you will be at the closing no matter what!
Be prepared to accept the house even if it doesnt appraise out.....if you make the appraisal a contingency, your offer will not be as strong.
The sellers will probably ask for "proof of funds" when given a cash offer, so be prepared to respond to that request.
Better yet make an offer with a higher down payment and the rest covered by your lender. Keep in mind that the seller could get multiple offers, and changing the nature of your financial agreement, per your contract, would give them a reason to go with another offer.
Also you are changing the terms of the contract, as the financing is one of the terms. You may be better off buying with cash and then refinancing after closing if you need or want the cash out. Especially with a condo, cash deals go through much faster - less red tape.