Financing and offers

[Raven01]

Vacation Club Loans has been excellent. I received approval within 24 hours, so was able to sign a contract after financing was in place.

I was a little confused on the deposit. I thought it was 20%, then they only wanted 10% in escrow. I did the 10% and Vacation Club Loans clarified I can only borrow 80% of the price, so 10% is in escrow and 10% due in cash. Works fine for me, the details were just a little hazy.

Beyond excited.

 

[pirate33]

I’m a little confused by the responses here. When making an offer, does one have to specify one is using financing? It sounds overall like no. If that is the case, I don’t understand why OP had to make a request to change the contract from cash to financing.

In my situation, I can pay cash but I may finance just to preserve cash. Thus, I don’t need a financing contingency in the contract but I will probably set up financing if an offer is accepted.

 

[Jack_Sparrow_NJ]

When you make an offer you do not have to specify how you plan on paying for the contract. Once your offer is accepted you can then arrange financing if desired.

 

[pirate33]

When you make an offer you do not have to specify how you plan on paying for the contract. Once your offer is accepted you can then arrange financing if desired.

Thank you—that clears it up for sure.