Can a Fannie Mae home be purchased with cash?

Asked by: of Atlanta, GA on 2012-04-28T02:56:12Z

Yes a Fannie Mae property can be purchased with cash. You will need to submit proof of funds with the offer. This can be a bank statement or a letter drafted on bank letterhead and signed by a bank official.

2012-04-28T03:02:00Z

Yes. Proof of funds will be needed to show that you can actually purchase the property with cash. If the offer is accepted you will then need to have the funds wired into the closing attorneys trust account prior to closing. I can guide you through the process. Just let me know. Roger Ackerman Century 21 Results Realty Services.

2012-04-28T11:31:02Z

It would be a very unusual seller that would not accept cash. Assuming all will accept cash with proof of funds as mentioned below won't lead you far astray. Many times a 'cash only' restriction is due to the poor condition of the property. In these situations the seller or their representative knows the property will not appraise for a loan. This may be due to obvious or 'hidden' defects. It is recommended that buyers get additonal help to evaluate these types of properties. Additional inquiries are always welcome 1 - Susan

2012-04-28T11:57:34Z

Sure cash or financing. However if you pay all cash they will want proof of funds on bank letterhead. If you get a loan you would provide a pre-qualification letter from a lender.

2012-04-28T12:32:30Z

Yes Fannie Mae will accept cash. Usually a cash buyer is an investor or purchasing their second home so the first look initiative comes into play. Fannie will only sell to owner occupants as their primary residence for the first 15 days of a listing. After day 16 then second home buyers and investors can buy. So a cash buyer can put an offer in immediately if it will be their primary residence otherwise they will need to wait.

2012-04-28T13:37:55Z

Absolutely. Your Offer must include a Proof Of Funds so the Lender can verify that you have the funds available in amounts at least equal to your offer. Proof of Funds can be established with your bank statement withing the last 30 days reliable source such as a 401K savings avvount or a letter from your bank stating the funds are available.

2012-04-28T14:42:13Z

Remember the expression Cash is King which applies here. As long as you can prove that the funds are yours and the amount to cover the purchase is verified by a recent bank statement or a letter or other document from the bank you should be fine. Be careful if the listing says cash only as this could be a sign that the property has extensive problems of a nature or to a degree that a lender will not provide a loan of any kind. I would research what is going on with the property zoning etc. prior to making an offer on such a property. If you just want the land for example to tear down and rebuild a structure or to extend your own adjoining lot an inexpensive cash purchase could be a good option. Let me know if I can assist you.

2012-04-30T14:23:05Z

Cash is usually king but a seller will also weigh in accepting a higher offer which needs a mortgage. I am personally familiar with this.

2012-05-03T16:54:41Z

Yes most definitely However you must have proof of funds which can be presented in the form of a Bank Statement or a Letter from the Financial Instution on company Letterhead. Talk to a Local Realtor and ask for assistance in your attempt to purchase. Good Luck

2012-05-03T17:35:40Z

Plain and simple....yes. You will still need proof of funds showing you have the cash to purchase the property. Seller still has the decision to accept or reject your cash offer. A lot of the times offers that require traditional financing get looked at closer by the seller.

2012-05-03T19:15:23Z

Yes. You would have to provide proof of funds.Best Regards Adrian Provost

2012-05-11T02:25:28Z