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. With Planet’s Cash 4 Homes program, you can go toe-to-toe with cash buyers in this rapidly shifting market.

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

Cash 4 Homes Closing Guarantee: Waive your financing contingency and make offers with confidence — because we’ll buy the home for cash if your financing doesn’t come through in time. Then you buy it from us once your home loan is approved.

Cash 4 Homes Financing Option: Skip financing and appraisal contingencies. You have a cash offer backup waiting if your financing doesn’t come through in time.

Cash 4 Homes Cash Option: We make the cash offer on your behalf, then you purchase the home from us.

Make an all-cash offer on a home or hold the benefits of a cash offer in reserve while you work to secure financing. Either way, Planet has your back. Because we’re more than just a lender — we’re true partners with those we serve.

Talk to a mortgage professional now: 888-966-9044

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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 a Cash 4 Homes program, Planet Home Lending buys the house, so the seller is guaranteed to have a sale. That makes your offer strong.

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, especially what other 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.

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

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

What’s the difference between the three Cash 4 Homes options?

There are three ways borrowers can use Planet’s Cash 4 Homes programs.

With the Cash 4 Homes Closing Guarantee, qualified borrowers can waive their financing contingency and make offers with confidence — because Planet will buy the home for cash if their financing doesn’t come through in time. Then, they buy it from us once their home loan is approved.

With the Cash 4 Homes Financing Option, skip the financing and appraisal contingencies. Have a cash offer backup waiting if financing doesn’t come through in time.

Finally, with the Cash 4 Homes Cash Option, Planet makes the cash offer for the borrower, then they purchase the home from us.

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

Yes, the first step in the Cash 4 Home program is getting a preapproval for a mortgage. Your Planet Home Lending mortgage professional will walk you through the steps and stay by your side right through closing.

Get more details below — or get in touch with one of our mortgage professionals today:888-966-9044. Find out why our motto is, “We’ll get you home.”

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Secure your dream home with the power of Planet’s Cash 4 Homes program. We offer the following:

  • Cash 4 Homes Closing Guarantee
  • Cash 4 Homes Financing Option
  • Cash 4 Homes Cash Option

 

Closing Guarantee

Financing Option

Purchase Option

Appraisal Contingency Not Required

 

x*

x*

Financing Contingency Not Required

x

x**

x**

Leaseback Permitted

 

x**

x**

*FHA and VA loan programs are ineligible.
**FHA loan program is ineligible.

 

How does the Cash 4 Homes Closing Guarantee work?  The Cash 4 Homes Closing Guarantee allows you to waive the financing contingency when you make your offer to purchase a home. If you are not able to obtain financing before the closing date, Planet Management Group, LLC (“PMG”), a subsidiary of Planet Home Lending, LLC (“Planet”), will purchase the home from the seller and you will purchase the home from PMG once your financing is approved. This gives the seller peace of mind since the sale of the property is not contingent on your ability to obtain financing.

How does the Cash 4 Homes Financing work?  The Cash 4 Homes Financing option allows you to waive the financing and appraisal contingencies when you make your offer to purchase a home. You will work to obtain financing, with the Cash offer as a backup. If you are not able to obtain financing before the agreed-upon closing date, PMG, a subsidiary of Planet, will purchase the home from the seller and you will purchase the home from PMG once your financing is approved. This gives the seller peace of mind since the sale of the property is not contingent on your ability to obtain financing or an appraisal.

How does the Cash 4 Homes Cash Option work?  The Cash 4 Homes Cash Option allows you to waive financing and/or appraisal contingencies because PMG will make the cash offer to purchase your identified home. You will choose to have PMG purchase the home from the seller and you will purchase the home from PMG once your financing is approved. This gives the seller peace of mind since the sale of the property is not contingent on financing or an appraisal.

Will my Cash 4 Homes offer contain other contingencies? Yes, to make the Cash 4 Homes Closing Guarantee work, we’ll need to ensure that you have the right to inspect the property and obtain an appraisal. For the Cash 4 Homes Financing and Cash Options, you have the choice to waive both the financing and appraisal contingencies (except in cases of VA financing where an appraisal is required).

How much does the Cash 4 Homes program cost? The total cost to you can range from 0% to 5% of the purchase price depending on whether you obtain financing timely 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. However, 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 provides options for a guarantee from Planet Management Group (“PMG”) that Planet Home Lending, LLC (“Planet”) will close on or before the contract closing date or PMG will purchase the home from the seller for cash.  To qualify for Cash 4 Homes, the following must be met, among others:

  • All conditions listed in the purchase contract must be met
  • Borrower(s) must qualify for the loan program selected and have obtained a Cash 4 Homes pre-approval with Planet
  • Borrower(s) must have a minimum FICO score of 640
  • Borrower(s) must have a loan to value ratio of 95% for Conventional loans and 96.5% for FHA and 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
  • For an FHA or VA borrower, the property value as determined by appraisal or other applicable valuation must meet or exceed the sales price
  • Purchase property must be a primary residence
  • Purchase property must be a single-family residence
  • Purchase property must be existing home (i.e. cannot be used for new construction or renovation properties)
  • Planet must obtain 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 closing date must be 21 business days or later from the date of the fully executed purchase contract. 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 does not have control over third-party delays, including but not limited to appraisers, title companies, and other settlement providers. Cash 4 Homes is available in all Planet licensed states, except U.S. Virgin Islands, Puerto Rico, D.C., HI, and MA 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, Fannie Mae HomeReady, FHA 203K, 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 May 31, 2022. Purchase contracts must be signed prior to the program expiration date. It is recommended you review all documentation with a qualified attorney before executing any agreements.

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