Reply to Bidding on House with Multiple Offers?

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[quote=Anonymous]Highest amount of cash in the deal is a big positive.  If you've got enough cash to demonstrate that you could put in above 20% you should have your lender write the offer based on the lowest loan amount you could reasonably need.  You can then revise the financing (which is only between you and the lender) before you close.  E.g., if you've got enough liquid assets to put in 50% of the purchase price, then make your offer with a proposal of 50% downpayment & 50% loan.  Then, if you want to switch to standard 80% LTV before you close you are free to do so.

Yet another example of why the real estate industry is shady and full of conflicts and loopholes, but it's allowed, so use this to your advantage if you need to.

Also, if you've got enough cash to cover any shortfall, you should waive the appraisal.  Assuming you are bidding on a saleable property (which you obviously are given multiple offers), the appraisal only matters if you absolutely can only put down 20% of your purchase offer.  If you could put more in, then the appraisal doesn't matter.[/quote]

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