Advantages:
1. Seller will receive a cash Guarantee
2. Buyer can Compete with Cash Offers
3. Buyer does not need to Pay any additional fees
4. If Guarantee is not triggered the seller may opt for Fairway NOT to buy their home and instead walk away from the deal with $10,000 paid by Fairway, with contract terminated.
5. Borrower must be purchasing a Single Family Residence
VALUE Example: If the property appraises low, and the buyer no longer qualifies because he doesn’t have the cash to make up the difference, then YES, we would offer to purchase the property at appraised value. The seller most likely would not take that, but would instead take the $10,000 guarantee.
It is important to note that our Cash Guarantee is a waiver of the financing contingency only. If the buyer cancels due to cold feet, or the buyer and seller cannot agree on post-inspection repairs, for example, then the guarantee does NOT trigger. However, if the borrower loses a job, passes away mid loan, buys a $100k boat and no longer qualifies, then the guarantee DOES happen.
