Reply to What does "all cash" mean?

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

No mortgage is involved so no unforeseen circumstance (as in bank denies mortgage if the appraisal comes back less than the offer ...).

Yes, you have to provide bank statements with the offer.[/quote]

OP here. Could I provide the bank statements, and waive the financing and appraisal contingencies, then still turn around and get a mortgage? That would still make me "all cash", right? Maybe it makes no difference, but it seems like sellers are increasingly obsessed with getting an "all cash" offer. I guess I'm just trying to figure out if lots of these "all cash" buyers show the assets on paper, then just turn around and get a mortgage.[/quote]
You would not be a cash buyer in this case. Cash buyers can close much more quickly than a mortgage buyer. What you are describing is a mortgage situation. Doesn’t matter that you have enough in the bank to buy in cash. The fact that you are going through a bank means that you are not all cash.[/quote]

no, OP would still be considered a cash buyer, unless they needed to delay close to allow for financing concerns.

as long as they can show the assets and the money shows up in the settlement attorneys escrow account the day it is supposed to, no one cares which account initiated the wire.[/quote]

I disagree.  No bank is going to give the buyer a mortgage without an appraisal, even when the buyer waives the financing contingency.  So the bank will have to get into the house before closing and it would be clear to the seller that we’re not talking about an all cash deal.  [/quote]

Banks don't go "into" the house. Maybe they drive by, if their computer systems are crap 
[/quote]

No, banks don’t go into a house, but they send appraisers who do. At least that has been my experience every one of the eight or 10 times I bought properties. What are you talking about?[/quote]

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