The Cash Edge Program Could Give You an Edge
You could make a cash offer without the cash using Cash Edge.
I recently had the opportunity to sit and talk with Sabrina Fryer from Cornerstone Home Lending. She’s one of our top preferred lenders in the Madison area, and she gave us the details of their Cash Edge program.
When you are writing an offer to purchase, you typically write it subject to a loan or financing, or you do it subject to cash. If you don’t have the cash, however, what do you do when you want to make a cash offer? That’s where Sabrina’s company comes in. They can actually approve your loan ahead of time, guaranteeing 90% of the home purchase in cash.
You only need 10% down, and that means that you’ll have a 100% cash offer. Cornerstone Home Lending will provide a Proof of Funds letter that lets you make that cash offer. With all that, you can close in as little as ten days.
"If you don’t have the cash, what do you do when you want to make a cash offer?"
With this program, you go through the loan process first, find a house that you are interested in, and make a cash offer. It’s that simple. This has helped many of our clients gain the advantage of a cash offer without having a large sum of cash on hand. This lets buyers edge out the competition in situations where they are buying in popular areas, when there are multiple offers, and when the seller wants to close as quickly as possible.
Imagine coming out ahead of a purchase where there were 20 or 30 offers. We haven’t seen that as much recently, but those times will come again. There’s news of a pending recession, and the spring market is likely to be just like last year. Savvy buyers, however, are snapping up properties right now while the market is cooler, knowing that they can do things like rate buydowns and then refinance later on. These are just some of the options available to clients to help them make a wise purchase.
If you have any questions about the Cash Edge program, or you would like to see what options are available to you, click on the link or contact Cornerstone Home Lending directly. As always, if you have any real estate needs, please feel free to reach out to me. I would be happy to help.