Frequently Asked Questions

What’s the catch? Do I have to pay extra for Board’s Cash Offer service?

As cliché as it sounds, there is no catch. As a mortgage company, Board exclusively generates revenue off the loan. Board does not charge buyers, sellers or agents anything additional to work with us.

Are your rates competitive?

Despite the additional costs associated with buying a home, our rates are very competitive. We are able to offer low rates because all of our loan officers are employed, not commission-based. That lowers our costs per loan tremendously.

How is your pre-approval process different from other mortgage companies?

Board does a complete approval of you before approving you for a cash offer; mortgage companies call this process underwriting. This means that we spend the time to fully evaluate your application and request all your mortgage information and documents upfront.

Why do sellers prefer cash?

As a general rule of thumb, sellers want to move out as much as buyers want to move in. Sellers prefer cash because they want the speed and certainty that an all cash deal can uniquely provide.

Are there cash advantages in less competitive homes or markets?

Typically, cash offers are 4x more likely to win over financed offers on competitive homes. For less competitive properties, cash can get you discounts off the sales price for as much as tens of thousands of dollars because cash gives you maximum leverage in negotiations with sellers. This cash discount can be understood as the premium sellers and agents put on the certainty of cash deals.

How long does it take you to approve an offer once I find a home?

Typically less than 2 hours, always the same day if during normal business hours.

What is Board’s criteria for approving an offer once I find a home that I want to place an all cash offer on?

Our only criteria is that you can afford the mortgage associated with the home that you are buying and that the offer you are placing on the property is at market value.

Who controls negotiations with the seller?

You and your agent have control over the negotiations, even though Board will be buying the home all cash from the seller. Our job is just to make sure the cash shows up at closing and that the home is reserved for you until your loan is ready to close.

How long will it take between the all cash closing and the mortgage closing?

As soon your Board financing is ready, we aim to close your loan and sell the home to you within two weeks (often less!).

Once Board buys my home all cash, how is the transaction different from a normal transaction?

Once Board buys the home, the only real difference from your perspective is that Board, not the original owner, is the seller of the property. That’s why agents and buyers often compare Board to a buyer’s “rich uncle”.

Are there any mortgage products you don’t offer?

Unfortunately, we cannot offer our cash offer service to FHA borrowers (yet). We do, however, have alternative low down payment products that go as low as 5%.

Who pays for my buyer’s agent?

Just like an ordinary real estate transaction, your agent is paid their commission by the seller.

Do I have to work with a specific agent to use your service?

You can work with any agent that you want. Board is happy to make recommendations to top agents who we have worked with successfully in the past.

Do I need to use an agent?

Technically, no. However, Board highly recommends you work with an agent who can negotiate on your behalf. We know some great agents in the area who can give you a leg up in negotiations and exclusive inventory.

Once Board buys my home all cash, how is the transaction different from a normal transaction?

Once Board buys the home, the only real difference from your perspective is that Board, not the original owner, is the seller of the property. That’s why agents and buyers often compare Board to a buyer’s “rich uncle”.

When do I put down an earnest money deposit for the home?

You will place an earnest money deposit in escrow that matches the earnest money deposit that Board provided to the seller. You are responsible for wiring the funds to an escrow company once Board’s cash offer is accepted by the seller.

What happens to my earnest money deposit if I can no longer get a mortgage because the appraisal comes in low?

If we approve an offer and you no longer qualify for financing due to a low appraisal, that risk is on us. We will return your earnest money deposit and sell the home on the open market.

What happens to my earnest money deposit if I lose my job and can no longer qualify for a mortgage?

In the unlikely event you lose your job and no longer qualify for a mortgage because of it, Board and the escrow company will immediately refund your earnest money deposit and sell the property on the open market at our expense. As a corporate (and moral) policy, we will not penalize you for losing your job. We may try to help you find a new one though, even if you never end up buying a home with us!

What happens if my inspection report comes back with issues?

Just as you would in an ordinary transaction, you and your agent have complete control over negotiations borne from an adverse inspection report.

Can I decide not to buy the home that Board bought on my behalf?

If you decide to walk from the contract, you will lose your earnest money deposit and may be responsible for additional costs associated with the resale of the home. We consider ourselves on your team and we genuinely hope you feel the same way. These transactions only work if you ask Board to put cash offers on homes that you actually intend on owning.

Can I move in before I buy my home from Board?

We want you in your house as much as you want to be, but for insurance purposes, Board cannot allow you to occupy the property before you buy the home. That’s why we try to close your mortgage within two weeks of Board buying it from the original seller.

What’s the catch? Do I have to pay for your cash offer service?

As cliché as it sounds, there is NO CATCH. As a mortgage company, Board exclusively generates revenue from the loan. Board does not charge buyers, sellers or agents anything additional to work with us.

Are your rates competitive?

Despite the additional costs associated with buying a home, Board’s rates are very competitive. We are able to offer low rates because all of our loan officers are employed, not commission-based. That lowers our costs per loan tremendously.

When does the agent get paid?

All agents get paid at the first all cash closing when Board purchases the home on behalf of your buyer-client (i.e. the first closing).

How long does it take for Board to approve a cash offer once I provide Board the offer amount and property address?

It typically takes 1-2 hours to approve an offer if submitted during normal business hours. We run a desktop appraisal to make sure the offer price is at market value.

My buyer just found a home and wants to place a cash offer on it today. Is that possible?

Yes, so long as your buyer provides us all of the documents we need to underwrite him/her, we can place your buyer through express underwriting for same day cash offer approval if submitted by 3:00PM. Please prepare your buyer to be in communication with Board late into the evening.

Once Board buys the home on behalf of my client, how is the transaction different from a normal transaction?

Once Board buys the home, the only real difference from your client’s perspective is that Board, not the original owner, is the seller of the property. That’s why agents and buyers often compare Board to a buyer’s “rich uncle.”

Is writing up a purchase contract different with Board?

Yes, there are a few minor additions to the standard purchase contract that you use. For example, Board will be the buyer of record for the all cash closing and the seller for the mortgage closing. Board will provide you with the simple instructions in the Offer Submission package.

When does my client sign a contract with Board?

Once the seller signs the all cash purchase contract with Board, Board will email the mortgage purchase contract for your buyer to sign.

Does Board require an inspection on all homes your clients intend to purchase?

Yes. For the protection of buyers and ourselves, we require the buyer pay for and sign off on a property inspection report before we purchase the property on their behalf.

Once Board approves the offer, does Board sign a separate agency agreement with the buyer’s agent?

Board can either sign a separate agency agreement with you or you can simply insert language into your original agency agreement with your buyer that acknowledges Board’s role in the transaction. This language is typically placed under the “additional provisions” of your agency agreement and is the most common method used by agents.

Example Language: Agent works with [name of your buyer-client] and Board Holdings and Relocation, LLC. Agent gets paid at first all cash closing between Board Holdings and Relocation, LLC and seller, and concludes service when [name of your buyer-client] secures a mortgage and closes on the property.

How long will it take between the all cash closing and the mortgage closing?

After Board buys the home on behalf of your client, we look to sell the home back within two weeks. Just like your buyer is motivated to move in, Board is motivated to sell quickly in order to reduce costs associated with buying and holding onto a home.

Will I have to return my commission if my buyer does not ultimately qualify for a mortgage after Board buys the home all cash?

Absolutely not. You were paid for a successful negotiation that concluded when Board purchased the property all cash. Because Board fully underwrites your buyer before placing an all cash offer on their behalf, we expect this situation to come only in rare instances (e.g. buyer losing their job). If your buyer doesn’t qualify for financing, that risk is on us!

What happens to my client’s earnest money deposit if my buyer loses his job and can no longer close on his or her mortgage?

If your buyer loses his or her job, Board will refund your client’s earnest money deposit. The earnest money deposit is meant to ensure the buyer has “skin in the game” and doesn’t walk away from the home after we purchase the home on their behalf.

What happens to my buyer’s earnest money deposit if a low appraisal disqualifies my buyer from financing after Board already approved the offer and purchased the property?

Board will work with the buyer to evaluate their other financing options. If none exist, Board will return the buyer’s earnest money deposit and try sell the home on the open market.

Can Board still approve an offer if the home’s expected appraised value is on the fence?

Board can still approve the offer on a case by case basis. For example, if Board determines that the buyer has additional cash assets to make up for an appraisal shortfall, Board can still approve the offer. Board will consult with the agent and the buyer to make sure the buyer is prepared to make up for the expected difference (e.g. within $10,000).

Will the agent be penalized if our offer does not appraise?

Like your buyer-client, Board places a lot of trust in the agents we work with to make reasonable offers. If we see a pattern of inflated offers, Board will not work with that agent.

How is your pre-approval process different from other mortgage companies?

Board does a complete underwrite of your buyer before placing an all cash offer on their behalf. If we find that your buyer will not ultimately qualify for a mortgage, we will decline our cash offer service. If we decline your buyer, you may want to consider recommending they improve their credit profile before buying a home; if we can’t approve them, it’s unlikely other lenders will either.

Do you have your own underwriters?

Board employs a staff underwriter who works seven days a week to give you and your clients round-the-clock answers and cash offer capabilities.

What is a cash offer?

In real estate, a cash offer comes without the contract “deal-killers” typical in a financed offer. Cash offers are preferred by sellers because they are far less likely to fall through compared to mortgage offers.

Why do sellers prefer cash buyers?

The only people who hate working with lenders more than homebuyers are sellers. Sellers prefer cash buyers because their offers do not require lender approval & red tape that have a bad habit of killing and delaying deals. The bottom line is that sellers want to move out as much as you want to move in.

What is a contingency, and why are they bad?

Contingencies increase transaction uncertainty and kill real estate deals. Although meant to protect a buyer’s interests when the unexpected happens, contingencies end up working against you as they weaken your offer. Common contingencies include the financing contingency (borrower securing a mortgage) and the appraisal contingency (the property is appraised at or above the offer price), although there are many more. Lenders require borrowers to make contingent offers, even though it’s not in your best interest. Contingencies weaken your offer in the eyes of the seller and reduce the likelihood of reaching closing.