I stopped by to see a house that I had been watching for just under a month - it was perfect for my portfolio but they had just received 2 offers …. I had until 9pm. I was urgent and excited I found another lender who would fund the purchase but couldn’t get the approval letter to me until at the latest tomorrow. In the interim to place an offer it was suggested that I use my current cash offer approval (to show good faith that I could get financing on home I was closing on today) -“as a place holder” and would submit addendum with new financing within 48 hours.
The Lender whose cash financing offer I submitted ripped me a new one, and I deserved it.
Slow down, don’t panic and be patient. “A place holder” can put sellers & lenders in a bad situation.
