So I came across this Denver based mortgage company called Accept. If you can be qualified for a home loan, this lender will put in a cash offer on your behalf and then sell you the loan for it. You get to offer cash on a house, while using a loan. Pretty cool, huh?
I found the original article on Fox 31 Denver News. From there I went to Accept’s website. I talked to a rep at Accept on the phone, and she confirmed that yes this is a legitimate program, where the company does an analysis on the property the buyer is writing an offer on.
If the purchase/offer price the buyer wants to make matches what their valuation of the property is, they will make a cash equivalent offer on your behalf.
So what’s the catch?
None, as far as I can see. From what it sounds like, the interest rates and lender rates are competitive with other lenders. This mortgage company is just wanting to offer a program that will help qualified buyers get an edge over their competitors.
This looks like a great program! So why isn’t everyone using it?
Well they are, actually. Anyone who knows about the program and likes the idea is currently on a waiting list. The company can only take on so much business, so currently there is a waiting list for getting a loan from them. If you go on their site, you can sign up for that waiting list too. The sooner, the better!
I talked to Sha-Kayla, who is a transaction manager at Accept, and she was happy to give me details and direct any buyers I had to their program. With Accept, you get to use the real estate agent of your choice, and your agent will still get paid. I don't think you can use your same lender if you already have one though. This looks to be a program offered exclusively by Accept.
So far, this program is only offered in Colorado, though Accept plans to branch out in the near future. Sounds like Washington and California may be next!
So if you, or anyone you know is thinking of buying a house, or having trouble getting their offers accepted, I recommend checking this program out through Accept Inc. I am not affiliated with them in any way, and I don’t make money off promoting them. I do see this as a way to have an edge as a lender, and if one mortgage company can do this, why can’t others?
Perhaps this is something we may see more of in the future? Does your bank or mortgage broker offer such a program? If you are or know a lender/mortgage broker, what are your/their thoughts about this cash program?
In other news, is a housing market crash on the way?