If a buyer has the financial liquidity, they may choose to pay for a home in cash and forgo mortgaging the home. The process for paying for a home in cash works a little bit differently. The main thing to note is that:
- If you choose to pay cash for your home, there is a way to go through this process without sharing your bank statements, which home buyers often do not want to do for personal security reasons.
Instead, you can request a letter from your financial institution that states you have the funds needed to make good on the home purchase. This type of letter written by an official member of a financial institution is your golden ticket to making your offer more competitive compared to other bids.
**Want to learn more about Proof of Funds? Click here to get started –