All Forum Posts by: Jerry Wamsley

Hello Chad B.,

I suggest getting all of your documents with a local lender pending title and appraisal.  This will cover some ground as well as get you closer to a cash position.  If you can have the lender sign off on Cash (acceptable source for down payment and closing costs including reserves after closing) and Capacity (Income vs. debts with the ability to repay) you will then need to vet the property with appraisal and title search.  Then the only reason a cash deal beats you is time since there isn't an appraisal and only a title search along with inspection contingencies per the contract.  Also, create a little room with renovation financing by having your contractor poised for quotes for repairs if necessary.  A lot of buyers do not like distressed housing since there is work that needs to be done in lieu of turn key.  Finally, Columbus, OH is on fire.  Offers are coming in with appraisal contingencies being waived if not appraising meaning buyers will then pay $XXX towards seller's closing costs.  Best of luck, let me know if you need a great lender.