Getting a cash offer on a Rhode Island house: what to expect

The four things a real offer must state

A cash offer isn't a number texted to you. It's a purchase agreement with specifics:

• ✓The price, in writing
• ✓The closing date or date range, and who sets it
• ✓What contingencies exist — inspection, title, or none
• ✓Who pays which closing costs, and whether the buyer covers their side

Ask for proof of funds

Any buyer claiming cash should be able to show a recent bank or account statement demonstrating the funds to close. A buyer who can't or won't show proof may be planning to assign your contract to someone else — which means your sale depends on a person you haven't met.

We provide proof of funds on request, and we close as the actual buyer on every agreement we sign.

Watch for the second negotiation

The most common cash-buyer pattern in RI: a high opening number, then a price cut after a walkthrough or "inspection" a week before closing, when you're least able to start over. The defense is simple — an offer made after the buyer has actually seen the property, with no inspection contingency written in.

Our offers are made after we know the property, and the number doesn't move afterward for ordinary condition items. That is the point of buying as-is.

Comparing two offers

Line up the net, not the headline. An offer of $5,000 more that closes in 60 days with an inspection contingency can be worth less than a firm offer closing in ten. Subtract what each offer costs you in time, carrying costs and risk, then choose.