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[quote=Anonymous][quote=Anonymous]

This still makes no sense to me. What's the difference between writing a check and saying you have the money for a down payment? Neither is no more proof that you actually have the money than the other.[/quote]

Well for most people, a large emd, says (a) person has plenty of cash liquid ready to do the transaction and (b) is very serious about following through on the deal...  I've known people to get cold feat and back out of a deal after their offer was accepted, so wouldn't you want the person that seems to really want the house and also can show they've got the cash to buy it.  pre-approval letters from lenders are not golden, I could have so easily lied to the guy doing ours, since he didn't ask for any backup at all, just pulled our credit report, and trusted me as to some of my balances in my accounts.

But hey, if you want to do business with people that want to shop on layaway be my guest... I'll pick the person with the most cash tied up in the deal anyday.[/quote]

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