“It’s such an interesting market where they could find a house, and the seller of that house really needs to sell,” he said. “They’re under contract to buy their new house. Their kids are about to start school in the new school district. They have to sell their house, and they’ll give it to you at a big discount. If you can say, ‘I’ll buy cash. I’ll close in 15 days.’
“And then, you wrapped up this house because of that at this huge discount, and then you can do that delayed financing strategy as soon as the next day, as long as you prep it correctly up front.”
Working with a broker early
Mortgage brokers should be a part of the plan early for all-cash buyers. Before a buyer goes and closes on a house, the broker should be in the loop.
“If you think that that’s going to be a strategy in the cards, you’re not going to go buy that house in cash, and that’s it, you’re done with it,” Hall said. “You can get with the broker or an originator upfront. Tell them that strategy. And any educated loan originator, the first thing that will come to mind is this delayed financing strategy, where they can prepare it for you.
Because the homebuyer is still taking out a mortgage with this strategy, the mortgage professional’s role will be to ensure the new financing still meets all the requirements as if the buyer had financed the purchase directly.