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Reply to "What does "all cash" mean?"
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[quote=Anonymous]I have made two all cash offers with no contingencies -- one on a townhouse in a highly desirable area of the DMV, and the other on a second home. In both instances, I provided an automatically generated letter from my brokerage firm showing that we had a larger balance in the account that we planned to use than the asking price for the house. That was the only thing that we provided, and it was deemed sufficient. In one of the cases, we paid for the house in cash from that account but after closing immediately turned around and got ourselves a mortgage. If you do that within 60 days (I think) it's treated as a home purchasing mortgage and not as a refinance or a home equity loan. That makes the terms a little better. [/quote]
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