Cash offers are normally looked upon more favorably than financed offers. Therefore, the corporate seller/bank normally frowns upon trying to change to financing.
Corporate sellers will not allow mortgage companies or private lenders to be included on the HUD settlement statement if the accepted purchase offer stated cashterms. Cash as-is offers are not contingent upon having the funds available to close or the condition of the property.
The buyer should be fully informed that (at a minimum) Earnest Money will be forfeited if they do not close the property. Selling institutions do not consider credit lines to be a form of cash. Credit lines are conventional loans.
