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Real Estate
Reply to "Using a service to become a "cash buyer""
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Sounds like you are describing a regular bank loan. [/quote] 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. [/quote] 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.[/quote]
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