Make an All-Cash Offer on a House

Tired of losing out in today’s highly competitive market?

Don’t let all-cash offers lock you out of homeownership. Planet’s Cash 4 Homes program lets you go toe-to-toe with cash buyers when obtaining conventional financing.

At Planet, we can help you get all the benefits of a cash offer backed by our Cash 4 Homes program.

You can choose to skip financing and appraisal contingencies because you’ll have a cash backup offer waiting if your financing doesn’t come through in time.

With Cash 4 Homes, you can hold the benefits of a cash offer in reserve while you work to secure financing. Planet has your back. We’re more than just a lender — we’re true partners with those we serve.

 

FAQs

Is a cash offer on a house better?

Cash offers typically appeal to home sellers more than offers with a financing contingency. That’s because sellers worry that you won’t get financing and they’ll have to put their home back up for sale again. With the Cash 4 Homes program, if your financing is delayed Planet Management Group, LLC ("PMG"), a wholly owned subsidiary of Planet Home Lending, LLC ("Planet"), will step in and buy the house so the seller is guaranteed a sale with your offer. The Cash 4 Homes program acts as a backup offer on the property, which strengthens your offer.

Can I offer less if I make a cash offer?

A real estate professional can talk to you about the strength of the offer you want to make. Whether or not you can successfully pay less for a property by making an all-cash offer depends on many factors, including and most importantly, what competing homebuyers are offering.

What happens if my purchase doesn’t close on time?

We make the cash offer on your behalf, then you purchase the home from us.

Do I have to own a home now to use the Cash 4 Homes program?

No, you can use the Cash 4 Homes program to buy a home even if you don’t currently own a home.

Do I have to qualify for a mortgage to use the Cash 4 Homes program?

Yes, the first step in the Cash 4 Homes program is getting pre-approved for a mortgage. If you decide to work with Planet, your Planet Home Lending mortgage professional will walk you through the steps and stay by your side through closing. Get more details below — or get in touch with one of our mortgage professionals today. Find out why our motto is, “We’ll get you home.”

How does the Cash 4 Homes program work?

The Cash 4 Homes program gives you the option to waive the financing and appraisal contingencies when you make your offer to purchase a home. You will work to obtain financing either with Planet or another lender and then include the Cash 4 Homes offer as a backup. If you are unable to obtain financing before the agreed-upon closing date, PMG will purchase the home from the seller and you will have the opportunity to purchase the home from PMG once your financing is approved. This gives the seller peace of mind because the sale of the property is not contingent on your ability to obtain financing or an appraisal. Once PMG purchases the property, you will lease the property for up to 120 days while you finalize your financing.

Will my Cash 4 Homes offer contain other contingencies?

With our program, you have the choice to waive both the financing and appraisal contingencies on your new home purchase offer.

How much does the Cash 4 Homes program cost?

The program cost to you can range from 3% to 5% of the purchase price depending on whether you obtain financing with Planet or another lender and whether PMG is required to purchase the home. The full details regarding the cost of the program are set forth in the program agreement. Note that additional lease costs will apply for the time period between when PMG purchases the property and the final sale of the home to you. In California, we are offering no program fees. Other actual costs, including third-party costs and closing costs will continue to apply. The below table sets forth an example summary of the program costs.

Example 1:   Buyer uses a mortgage loan from Planet to purchase the Property.	PMG Purchase Amount: $300,000	Buyer Purchase Price: $300,000	Rent Amount: $2,000	Earnest Money: PMG retains the 2% earnest money which was disbursed on the Closing Date.
Example 2:   Buyer uses a mortgage loan from another lender to purchase the Property.	PMG Purchase Amount: $300,000	Buyer Purchase Amount: $300,000	Rent Amount: $2,000	Earnest Money: PMG retains the 5% earnest money which was disbursed on the Closing Date.
Example 3: Buyer does not purchase the Property from PMG.	PMG retains the earnest money which was disbursed on the Closing Date.

Cash 4 Homes program Terms and Conditions:

The Cash 4 Homes program is a guarantee from Planet Management Group, LLC (“PMG”), a wholly-owned subsidiary of Planet Home Lending, LLC (“Planet”), that Planet will complete your financing so you can close on or before the contract closing date on your new home purchase or PMG will purchase the home from the seller for cash. The following requirements apply to the Cash 4 Homes program:

• The closing date must be 21 business days or later from the date of the fully executed purchase contract.
• The consumer must enter into the Cash 4 Homes Program Agreement, which provides full details as to the program costs and each party’s responsibilities. It is recommended you review all documentation with a qualified attorney before executing.
• All conditions listed in the purchase contract must be satisfied.
• Borrower(s) must qualify for the loan program selected and have obtained a Cash 4 Homes pre-approval with Planet.
• Borrower(s) must be eligible for automated underwriting.
• Borrower(s) must have a minimum FICO score of 640.
• Borrower(s) must have a loan to value ratio not to exceed 95% for Conventional loans, and 96.5% for FHA, and 100% for VA loans.
• Borrower(s) must satisfy all underwriting requirements and conditions, both during the pre-approval process and full loan application.
• Borrower(s) must provide all required documentation and pay any applicable costs within the timeframes allotted.
• Purchase property must be an existing primary, single-family residence (i.e. cannot be used for new construction or renovation properties).
• Planet must receive a clear final title policy and have a valid and enforceable lien in first position.
• Other terms, conditions, and limitations may apply depending on which Cash 4 Homes option is chosen.

The Cash 4 Homes Program is only available on conventional, FHA, and VA loan products. This program is not an offer or an inducement by Planet to enter into an agreement to make a loan, nor a guarantee or lock of a specific interest rate or number of discount points.

Planet and PMG do not have control over third-party delays, including but not limited to appraisers, title companies, and other settlement providers. The Cash 4 Homes program is available in all Planet licensed states, except the U.S. Virgin Islands, Puerto Rico, AK, D.C., HI, MA, and NY and is limited to eligible metropolitan statistical areas. Rural properties are not eligible. Loan programs ineligible for Cash 4 Homes include, but are not limited to, Bond Loans, USDA, Renovation, Jumbo, Non-QM, Down Payment Assistance Programs, and Manufactured Housing. The Cash 4 Homes program is subject to change or termination without notice and expires on December 31, 2024. Purchase contracts must be signed prior to the program expiration date.