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Real Estate
Reply to "What does "all cash" mean?"
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[quote=Anonymous]it all depends. the GCAAR standard contract includes language in the all-cash/non-contingent option that means the sellers cannot prevent the buyer from getting a mortgage. however, typical all-cash offers these days include other features that would preclude a mortgage before close, like a 10-day close. like another commenter, i have gone both routes. one time i sold stock and paid cash, and then got a mortgage within the 90-day window for the IRS to treat it as a mortgage for acquisition. another time there were enough delays in our closing due to lot line issues that we ended up just getting a mortgage to close. (originally were going to borrow the cash to close from family and then do a mortgage of acquisition, but there was ultimately no need.)[/quote]
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