Property Q&A in Trona>Question Details

ibaschmuck, Home Buyer in Trona, CA

?...? Do you need to be "Prequalified" if you are going to pay cash?

Asked by ibaschmuck, Trona, CA Sat Sep 15, 2012

I will check out his property, and others in the area, next month when I'm in that area.

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No, but you will need to show Proof of Funds, which is usually a full copy of your bank statement or statements. Be sure to black out your account numbers though! You should never share those with anyone!!
0 votes Thank Flag Link Thu Sep 20, 2012
One way or another it's all about proof of funds.
0 votes Thank Flag Link Tue Sep 18, 2012
You don't need a prequalification letter from a lender if you're paying all cash. The equivalent would be a copy of bank statements showing that the funds are there.
0 votes Thank Flag Link Sun Sep 16, 2012
In a way - yes. Showing "proof of funds" is equivalent to pre-qualifying when submitting an all-cash offer. I have received many offers that claim to be all-cash just to tie up the property in escrow while the buyer shops for financing. Some cash buyers include a bank statement showing a balance greater than the purchase price, but as a seller's agent I don't accept those. I prefer a letter from an officer of the bank that can be verified prior to accepting the offer.
0 votes Thank Flag Link Sat Sep 15, 2012
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