Posted by Carol Graff on 5/23/11 6:27pm
Msg #384129

Cash BO

I used the orange search button but could not find anything. How different will my loan package be with a cash BO?

Reply by Linda_H/FL on 5/23/11 6:29pm
Msg #384130

If you mean cash purchase - there won't be any loan package...

If you mean a loan with cash from the borrower - loan package will be the same but you'll pick up a check or provide them with info to wire the funds ....

Not sure if this is what you meant.

Reply by MW/VA on 5/23/11 7:20pm
Msg #384132

Cash deals are a breeze. I've done a couple. Anywhere from

6 pgs. to 20 pgs. for REO's. It's the loans that make up the majority of the paperwork, and amazingly simple when there isn't one involved. Have fun.

Reply by Gavina Franklin on 5/23/11 7:30pm
Msg #384133

Nothing to notarize unless one signer has to sign a

quitclaim deed.

Reply by JanetK_CA on 5/23/11 7:41pm
Msg #384136

Re: Nothing to notarize unless one signer has to sign a

I wouldn't assume that. It's going to depend on the tc and what their standard pkg looks like.

Reply by Gavina Franklin on 5/23/11 8:08pm
Msg #384140

Re: Nothing to notarize unless one signer has to sign a

yes you are right! ayway...I am a realtor also and Iam able to let all my cash buyer sign everything without notarize anything, again, unless one party has to sign a quitclaim deed.

Reply by Jack/AL on 5/23/11 10:30pm
Msg #384147

Re: Nothing to notarize unless one signer has to sign a

What do you mean by "BO?" If it is for buy-out, then the package will be typical, with funds coming to the borrowers by check or electronic tansfer after funding. If it is for body odor, stear clear.

Reply by BrendaTx on 5/24/11 5:38am
Msg #384151

I wouldn't assume it, either.

Some deeds have information in them that the buyers must acknowledge.

Reply by Carol Graff on 5/24/11 9:25am
Msg #384161

Re: I wouldn't assume it, either.

BO (Borrower). Just got the docs, yes only 18 pages & no notarization. Thanks for your help everyone! I'll take these any day of the week!

Reply by Lee/AR on 5/24/11 9:31am
Msg #384162

Let's get our abbreviations straight

A Cash Buyer is not a BO (Borrower), eh?

Reply by Carol Graff on 5/24/11 7:49pm
Msg #384221

Re: Let's get our abbreviations straight

Oops, my mistake. As I said, it's my first one paying cash!