Cash offers Vs. Waiving the Financing Contingency

[Shaun Reilly]

Do people feel that there is a difference between "Cash offers" and waiving the Financing Contingency?

I often see people talk to people like they are the Spawn of Satan if they say they are making a "cash offer" and don't have the actual money in a bank account, liquidatable stock account, or stuffed in a mattress as they don't trust them there banks!

I put in offers in 3 different states (MA, NH and PA) and none of the standard contracts have a place to put you are buying with cash. However they ALL have a place to elect of decline opting for a financing contingency. If you are not using standard forms then you can also just opt to not use the word "Cash" in it. Minimally I know that the offers you submit to HUD and Fannie Mae addendum also only have the yes/no for financing contingency so those don't say "Cash" either.

I don't think I have ever made a cash offer but I rarely have a financing contingency.

While it is of course ASSUMED that you are paying cash all you are saying is that you can't cancel the contract based on financing. As in if you don't get the loan you expect you aren't getting your deposit back.

Do other states and institutions have different forms where you would have to say that you are bringing cash to the table?