Using a service to become a "cash buyer"

[Anonymous]

Has anyone used one of the services to become a cash buyer?
We have a net worth that exceeds the purchase price of the house we are looking at but it's all tied up and we want to use a cash buyer service to give a more competitive offer. We are buying in an area that we have lost 5 offers now (wealthy resort town).

Can you let me know your experience and what the cost of doing this was?

[Anonymous]

Sounds like you are describing a regular bank loan.

[Anonymous]

Anonymous wrote:Sounds like you are describing a regular bank loan.

There are services that offer this and it's structured so that it doesn't appear to the sellers as a loan. Houwser is constantly advertising this service on the radio. I'd be wary as a buyer because you'd be waiving the loan contingency when you still need to loan.

[Anonymous]

We haven't but have a friend who is a high net worth financial advisor and told us about them. There was a property we were interested in a neighborhood that didn't allow mortgages. I would ask a financial advisor about it.

[Anonymous]

Anonymous wrote:We haven't but have a friend who is a high net worth financial advisor and told us about them. There was a property we were interested in a neighborhood that didn't allow mortgages. I would ask a financial advisor about it.

Really curious as to where this neighborhood is if you can share.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We haven't but have a friend who is a high net worth financial advisor and told us about them. There was a property we were interested in a neighborhood that didn't allow mortgages. I would ask a financial advisor about it.

Really curious as to where this neighborhood is if you can share.

Not this house but this neighborhood:
https://seattle.curbed.com/2015/4/7/9973194/carl-gould-mansion-in-bainbridges-country-club-asks-275m

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sounds like you are describing a regular bank loan.

There are services that offer this and it's structured so that it doesn't appear to the sellers as a loan. Houwser is constantly advertising this service on the radio. I'd be wary as a buyer because you'd be waiving the loan contingency when you still need to loan.

The service guarantees the loan will be provided by the closing date for a small fee and a slightly higher rate. If they can't close the loan in time, the service fronts the cash. They then try and close the loan quickly, and if they do, then all is good. If they can't secure you financing, they resell the house and give you the down payment back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We haven't but have a friend who is a high net worth financial advisor and told us about them. There was a property we were interested in a neighborhood that didn't allow mortgages. I would ask a financial advisor about it.

Really curious as to where this neighborhood is if you can share.

Not this house but this neighborhood:
https://seattle.curbed.com/2015/4/7/9973194/carl-gould-mansion-in-bainbridges-country-club-asks-275m

Holy shit I went to a wedding at that house when I was a child! Too bad they didn’t show a picture of the house from the sound - it’s gorgeous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We haven't but have a friend who is a high net worth financial advisor and told us about them. There was a property we were interested in a neighborhood that didn't allow mortgages. I would ask a financial advisor about it.

Really curious as to where this neighborhood is if you can share.

Not this house but this neighborhood:
https://seattle.curbed.com/2015/4/7/9973194/carl-gould-mansion-in-bainbridges-country-club-asks-275m

Holy shit I went to a wedding at that house when I was a child! Too bad they didn’t show a picture of the house from the sound - it’s gorgeous.

Whoa that's so cool! Haha yeah the neighborhood was our dream for a whole but the houses sell so infrequently and nothing was right. We're in our forever house now but I will always hold out a little hope...