Every bank, car dealer, retail store, whatever, will always try to get you to "Finance" whatever purchase you are making. 80% of income from these types businesses is their credit departments. They may try and try to get you to finance, but in the end, any reputable company is not going to turn down a cash buyer.
Have you considered looking at options to get preapproved for the purchase of a home? With interest rates at the lowest in years, a lot of renters are finding out that they can purchase a home for the same amount per month as they are paying in rent and the home is theirs to decorate as they like.
At Community Bank of Rockford I do a free consultation to review your credit, income & assets and find out how much home you can afford. If there is something that is keeping you from qualifying, I will give you advice on how to put yourself in a better position to purchase a home as quickly as possible.
If you would like to know more about my free consultation, please contact me at the below phone or email.
Nick Nelson (NMLS#384413)
Community Bank of Rockford, A Division of Harvard State Bank
2470 Eastrock Dr.
Rockford, IL. 61108
815-289-0880 - Phone
email@example.com - Email... more
Only way you will know is submit an offer or counter. Discuss this with your agent and they should be able to give you a good insight as to whether $25,000 will go or not if they are working with you as a Buyers agent. Good luck.... more
Firstly, only an attorney can advise you of your legal rights when it comes to contracts and agreements made on said contracts, especially when there is a problem. Depending on the contract used, if a Rockford area Realtor listed and/or sold your home, he/she likely used a RAAR approved contract. These contracts offer buyers several conditions that must be met in order to execute the contract, and if they are not met, then the buyer is legitimately allowed to void the agreement with return of the earnest money. Whether or not the contract is terminated legitimately, if earnest money was tendered, both you and the buyer need to sign off on the earnest money release rider. If it's not signed by you, the buyer doesn't get his earnest money returned.
Reasons such as this are why I NEVER tell seller-clients to invest money meeting requests made by buyers until ALL contingencies are removed or expired... buyers have several opportunities to back out. From the financing contingency, to the appraisal contingency, from the inspection contingency to the attorney contingency... you should never feel confidence in the transaction until these expire. This is also why earnest money is so important. The more the buyer has invested, the less likely he/she will be willing to walk away after the contingencies are removed from the contract.
If the deal is dead, there is no reason to have an inspection. I would not allow it. But, you MUST obtain in writing the buyer's intent to terminate the offer/contract prior to the inspection being done. Otherwise, he/she can say that you voided the contract by not allowing the contractual condition of the inspection. I would talk to a lawyer... but expect the answer of "there's nothing you can do." Just an opinion... not legal advice.
RYAN PETRY | kw