A Buyer has the right to finance a home with the lender of his choice, and a Seller has the right to know if an offer contingent upon financing is likely to obtain that financing.
Most Bank Owned Sellers will not even consider an offer until a Buyer has a pre-qualification letter from a lender (not a mortgage broker). If the Bank, as a Seller, requires the Buyer to obtain a pre-qualification letter from one of their mortgage representatives, the Buyer is not required to obtain financing with that institution. However, be sure to read about special financing below.
An all cash offer means a Buyer has sufficient funds available without transfer/loan from another party. Most Bank Owned Sellers will not even consider an all cash offer until proof of funds is provided.
We have special financing available on some of our listings. Check with our Buyer Specialists. Sometimes Banks offer special financing to purchase their homes or offer a discount in the cost of obtaining financing if purchased through their loan department.
If the property needs repairs, or there is remodeling or updating you wish to do, you may qualify for a rehabilitation loan (known as a rehab loan) which would include the cost of the repairs/updating into your mortgage.