Brian,
You have a Third Party Financing addendum and you have a contract.
Did the contract say that the offer was subject to being approved?
Did the addendum say that you would apply for and then inform the seller of proof of financing with in so many days?
Don't worry about the terms at this time, that is just that is just to say the Max. terms you will accept, you can always accept better terms with out changing anything.
If you have the Third Party Financing addenda - If you did not let the seller know you were approved for loan you will need to have your agent let them know with an amendment that you are paying cash and show proof of funds.
If your contract said that the contact was not subject to loan approval, you are find just let your agent tell the title company.
At this time I don't think anyone can advise you not to pay cash, for the reasons one usually would. We don't know what is happening tomorrow and I sure would like to have at least one paid for home.

Hope this helps
Margaret

Hey Brian, the one thing you should be aware of, is that once you pay cash, if later you decide you want to get your cash back out, it will require a homequity loan which may be at a higher interest rate & closing fees than a regular 15 or 30 year fixed. Plus, of course, you won't be able to get more than 80% of the appraised value in a homequity loan. Once it's a homequity loan, in Texas it will forever be a homequity loan. This may not matter to you but it's something you may want to think about and/or do more research on. It's probably a good idea to talk to your attorney or accountant about it as well.

As Marian explained the paperwork will have to be updated. However, it is regarded as an advantage if you pay cash. The seller wouldn't have a problem with it as long as you provide proof of funds.

Great to be in that predicament. Congrats on new home.

Naima

Yes, the financing addendum will need to be removed, the mortgage lender will need to be notified, the title company will need to be notified, the contract may need to be either rewritten or amended to reflect the change in terms. A Letter of Guaranteed Funds, or other acceptable proof of funds, will need to be added to the contract. The sellers will need to agree to accept a cash offer. Call your agent immediately so that they can get this done.