I'm asking the opposite from the answer of my question. Can I make an all cash offer, have it accepted, then switch to finance?

Real Estate 2 views 4 answers
After the offer is accepted as all cash can I legally put about half down and finance the rest, as long as the financing is approved and funded by the closing date in the original offer.

Attorney Answers

4
Stuart Lautin ·
Yes - this is how we handle virtually all commercial real estate purchases. If your financing is ready on the closing date, then it's still all-cash to the seller, regardless of financing a component or not. And your offer is much stronger without a financing condition.
0 upvotes
Adam A StudnickiPersonal Injury LawyerScottsdale, AZ ·
It is generally not a problem unless something in the paperwork prohibits this. The seller will receive all cash, some from you and some from the lender.
0 upvotes
Wanda SmithOil / Gas AttorneyRichardson, TX ·
If the seller has agreed to a quick close because you said you have cash, but you don't really, and you will have to wait on financing to be put into place, then the seller may have a right to withdraw their acceptance. You are changing the terms of the deal. In the hot real estate market in our area right now, sellers may be selecting the cash buyer over the buyer who is financing strictly for a fast close. You shouldn't misrepresent your position if you plan to change it.
0 upvotes

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