Sigh, learning along the way..

[Glenn Espinosa]

So my first forray into using a HML has been smooth sailing thus far, or so I thought.

We're set to close on a property this upcoming Monday. When I put my offer in for the house I had worded it as an all cash offer. Silly me. After finding out that we are actually using a HML, the listing agent is now looking to cancel the contract, keep my hefty EMD, and bring us to court for fraud?

If thats the case then silly me.

Now we do have the money to purchase the house up front with our own funds so we can avoid all that if necessary. How can I save this deal with as little headache as possible. I would prefer to keep it a HML transaction but by the looks of it I need to pay for this one up front, which is no problem to me, it just puts pressure on the title companies preparing everything as well as my HML. I'd also need to find a way for my HML to do something on the backend?

And lastly, How can I avoid this silly mistake in the future?

[Jon Holdman]

Simple. If you're writing the offer as cash, plan to pay cash. No lenders of any sort.

If you want to use an HML, write the offer as financed. A HML is still a lender, not cash.