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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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.

[b]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. [/b] 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]

You did what now?  That's not the way!  Was it FSBO and no one advised you? [/quote]

it's absolutely the way. as long as the mortgage closes within 90 days of the house sale, it can be deducted as a mortgage for acquisition in your taxes.

also some banks are squirrely about lending to self-employed people, but are willing to put, say, a 60% mortgage on an already acquired property.

one bonus of paying cash is that you can get a title insurance policy for the entire property value, and then get a separate policy for the mortgage holder later.[/quote]

No i man the stupidity of liquidating a brokerage account only to get a mortgage later[/quote]

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