Backed By Cash

STEP 1

Buyer gets Pre-Approved with full underwriting by Flagstar Bank. At this time, buyer can use another lender if they wish as long as they are fully underwritten and approved with Flagstar Bank prior to submitting an offer with the Backed By Cash Certificate.

STEP 2

Glover Agency’s Backed by Cash Addendum is signed by Jeff Glover and issued to client.

STEP 3

Client views homes until they find the one they would like to purchase and then submits their offer with the Backed By Cash Certificate.

STEP 4

Buyer’s agent discusses with the listing agent to make them aware that client is a Backed By Cash offer and the additional details of the program. This is important because the listing agent should know that if the buyer’s financing does not get approved by their lender during the mortgage process, Jeff will become the buyer of the property and close with cash so the transaction can still close on time.

STEP 5

Upon accepted offer, sellers sign the Backed By Cash Certificate and the transaction continues as normal per the terms of the purchase agreement.

STEP 6

After all contingencies are removed and terms are met closings are scheduled as normal within the specified timeframe.