Reply to What does "all cash" mean?

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[quote=Anonymous][quote=Anonymous]Can you waive the financing and appraisal contingencies but still have a mortgage if you feel confident that your back will come through with your financing? I understand that this would not be an all cash offer, just trying to understand if we have leeway to choose to waive those contingencies to help us win.

We have roughly a 40% down payment and cannot do an all cash offer, but are just trying to be more competitive.[/quote]

Yes, you can. In this area you have to waive all contingencies if you are bidding on a competitive house. Talk to your lender(s). They will tell you if they advise waiving the financing/appraisal contingencies and how fast they can close. Most lenders are able to do two week closes now. They kind of have to, because the 30 and 60 day close times make your offer unappealing. Most sellers want a fast close and free rentback...

That being said, you may still lose to an all cash buyer despite all that, because they can close even faster since they have everything sitting in liquid assets and don't have to deal with an appraisal, underwriting, etc. [/quote]

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