Have you been looking for a home and wanna have the ability to buy a house all cash? Fairway Mortgage, as one of our preferred lenders, has a new program called the Fairway Cash Guarantee. Hi, I'm Andy Mandel with The Mandel Team at RE/MAX, and I'm excited to announce a new solution to a common problem in the real estate industry today. Here's Scott to explain how the Fairway program works.
The Fairway Cash Guarantee will enable you to compete with cash offers, and it'll also put your offer ahead of other financed offers. Here's how it works. We start off by completing the Fairway Advantage pre-approval, in which we do a full underwrite on you upfront before you go out and start looking at homes and making offers. We will review all of your income, credit, and asset documentation and issue an underwriting approval up to the maximum payment you're approved for. We then clear all your borrow-related conditions and now you're eligible to make offers with the Fairway Cash Guarantee. Okay, so you know how to become eligible, but what is it and how does it benefit you? Well, when you write an offer, we have an addendum that guarantees your financing. If for any reason you cannot close, the guarantee is triggered and the seller can opt for Fairway to purchase their home all cash for the lesser of the purchase price or appraised value, or they can walk away with $10,000 paid by Fairway and the contract's terminated. We're essentially guaranteeing your financing. If the seller opts to sell the home to us all cash, you receive your full deposit back. If they opt to take the $10,000 and not sell the home, you receive your full deposit back.
There is no risk to you, the buyer, in any of this, yet you receive the benefit of having your offer go to the front of the line. Look at it as Fairway reviewed everything about you, the borrower, and we'll guarantee your financing or the seller can choose either of these options in the event you cannot close. There are no additional fees to you to use this program. It works on conventional, FHA, and VA financing, and it must be a single-family residence. Make sure to reach out today because an offer with a cash guarantee will go ahead of all other offers.Posted by Andy Mandel on