To Purchase A Home With An
"All Cash Offer" Follow These Simple Steps

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Information

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How it works

If you are frustrated trying to buy your dream home in today’s competitive purchase market, we have a solution for you.  Now you can be just like an all-cash buyer that wins the bid. Cash Backstop will guarantee your no mortgage contingency offer to the seller.

Your offer will stand-out to the seller, because:

  • Quick closing - we will close on the home even if you can't 
     

  • Full purchase price - your seller will receive their full purchase price.

 

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Process

We have made the process simple for you:

  • Get pre-approved for a mortgage with one of our Cash Backstop lending partners

  • Have your Realtor go through our quick approval process

  • Find the home you wish to purchase and get our lightning-fast approval to offer an all-cash offer purchase price

  • Please note, we require that your earnest money deposit be no less than 10% of the purchase price. If you choose to make an offer that exceeds our recommended maximum purchase price then in addition to the 10% earnest money deposit you will also be required to increase your deposit by the amount that exceeds our recommended maximum purchase price.    

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Closing and Refunds

  •     If your lender is prepared to close with you on or before the expiration of your sales contract you are all done

  •      The service fee of 1% to Cash Backstop will be earned and paid at closing

  •      The Appraised value, ordered by the lender, must be equal to/greater than the contract price.  If you choose to exceed our recommendation for the maximum purchase price, you will be responsible for the amount above our recommendation; please note, if you choose to make an offer above our recommended maximum purchase price, the amount you exceed it by is, in most cases, non-refundable, please check our legal agreement carefully.

  •     If you are unable to close because the approved lender denies your application for mortgage financing, Cash Backstop will close on the property so long as you have met all of your obligations as outlined in our legal agreement.  In this case, the Binder deposit will be returned to you.  However, if you have chosen to exceed our recommended purchase price, the amount of your Binder or other deposits attributable to the amount above our recommended purchase price is non-refundable. Typically, the Binder or other deposits at risk is the amount above our recommended purchase price.  For example, if our recommended purchase prices is $200,000 and you chose to offer $205,000.  $10,000 of the $15,000 binder deposit would, in certain circumstances be refunded to you while the balance of $5,000 (the amount that exceeded our recommended purchase price) would not be refunded to you.  We do not recommend that you make an offer above our recommended purchase price.  And you should never make an offer that results in your pre-approval letter no longer reflecting your transaction. If you are unable to close for any other reason, all of your deposits including your binder and additional deposits are forfeited and will not be returned to you.  In all situations, the valuation fee is non-refundable.  In most cases your 1% fee is also non-refundable.  Complete terms and conditions are outlined in our legal agreement, please review them carefully and seek legal counsel to make sure you understand our agreement before signing it. 

 This is not legal or real estate advice, please consult your attorney and real estate professionals.

                           Significant terms and conditions apply, please evaluate these carefully.

 

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