[tssva]

I live in, or did until recently technically now I live a little outside, a very competitive housing market. All cash offers have become the norm to secure housing in the most in demand areas even for those purchasing their primary homes vs investment properties.

How this often works is a cash offer financer completes the purchase from the seller and in turn sells it to the buyer once their mortgage has been secured. The buyer rents the house from the financier until this happens. Sometimes the agreement is the financier will only purchase the property if the buyer doesn’t have their mortgage in place by the closing date.