'Cash Guarantee' Pre-approval?

bypassthalamus · Post by **bypassthalamus** » Wed May 03, 2023 9:28 am

There is a local lender giving out preapprovals with a 'cash guarantee' basically promising that the buyers are already completely approved, and the offer is as good as cash. Obviously it's not work the paper it's printed on, but realtors seem to eat that shit up! How do you guys deal with things like that when realtors ask you about it?

wakeboard1290 · Post by **wakeboard1290** » Fri May 05, 2023 9:46 am

I'm not sure which lender you're talking about, but I know Fairway has something like this. If you read the fine print though it's all just talk. This is directly from their website, see the very bottom where it states, "Note: If the seller opts to have Fairway purchase their home, Fairway will pay the appraised value or the contract price, whichever is lower."

So basically it's a cash guarantee, with an appraisal contingency but no room for seller to negotiate on appraised value.. which is the exact opposite of a cash offer

FAIRWAY CASH GUARANTEE ADVANTAGES:

Seller will receive a CASH GUARANTEE.
Buyer can COMPETE with CASH OFFERS.
Borrower does NOT have to pay any additional fees to use this program.
If the guarantee is triggered, the seller may opt for Fairway to NOT buy their home, and instead walk away from the deal with $10,000 paid by Fairway, and the contract terminated.
ADDITIONAL REQUIREMENTS/DETAILS:

Borrowers must have a Fairway Advantage Pre-Approval
Borrowers must be financing with FHA, VA, or Conventional loan
Borrower must be purchasing a single-family residence

Note: If the seller opts to have Fairway purchase their home, Fairway will pay the appraised value or the contract price, whichever is lower. Some condo's may be acceptable under this program too, ask your loan officer for more details.

robtheknob · Post by **robtheknob** » Mon May 22, 2023 3:54 pm

My company just came out with this same program, seems like it's becoming pretty common now.

xehonort · Post by **xehonort** » Wed Apr 10, 2024 11:11 am

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xehonort · Post by **xehonort** » Thu May 02, 2024 1:56 am

xehonort · Post by **xehonort** » Tue Jul 02, 2024 8:14 pm

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xehonort · Post by **xehonort** » Fri Aug 02, 2024 4:53 pm

xehonort · Post by **xehonort** » Thu Oct 03, 2024 12:18 am

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'Cash Guarantee' Pre-approval?

'Cash Guarantee' Pre-approval?

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