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Exploring a

cash offer: Is it

right for you?

Check out our frequently asked questions to see if the CashUp™ by Evergreen program makes sense for you.

 

Or contact a loan officer and talk one on one

Frequently Asked Questions

How it works

What is the CashUp by Evergreen program?

The CashUp by Evergreen program is a unique homebuying program that turns your offer into cash to be more competitive against multiple offers or other all-cash bids.

Why do sellers prefer cash offers?

Home sellers sometimes prefer cash offers because there are fewer opportunities for the financing to fall through. Additionally, cash offers can often close quickly since they’re not waiting for financing approval.

What is a financing contingency?

A financing contingency is a clause in a home purchase contract that states that the homebuyer’s offer is subject to their ability to secure financing for the home.

Why would a homebuyer want to make an offer without a financing contingency?

In housing markets with a lot of competition, waiving the financing contingency can help make an offer more attractive to sellers.

If I’m getting a mortgage, why is it called a cash offer?

With the CashUp by Evergreen program, you’re preapproved with a fully underwritten credit package. This gives you the ability to make a cash offer without the need for a financing contingency. Evergreen Home Loans™ will then purchase the home on your behalf using its cash, and then it will transfer the home to you after your permanent financing is established.

I have a home to sell; however, I want to purchase first. Can I still use the CashUp by Evergreen program before I’ve sold my home?

Yes! If you’re ready to buy and want to wait to sell your home, you could qualify for the CashUp by Evergreen program. This could also help give you a competitive advantage by allowing you to submit a cash offer with no financing or appraisal contingency.

Will Evergreen really purchase the home on my behalf?

Yes, if you are approved as a CashUp buyer, we’ll purchase the home with our cash. Once your permanent home financing closes, Evergreen transfers the home into your name.

If Evergreen purchases the home, can I live there?

After Evergreen purchases the home the borrower may occupy the property and pay rent to Evergreen until their permanent financing is established. Please ask for details.

Can I work with my real estate agent?

Yes! In fact, we strongly encourage working with a real estate agent because they offer local expertise and guidance during the homebuying process. If you need a recommendation, let us know!

Qualifications and restrictions

Can I use the CashUp by Evergreen program if I need a mortgage?

Yes! That’s what this program is all about—helping everyday homebuyers who require a mortgage yet need a more competitive offer to help them win over multiple offers—and possibly multiple cash offers.

How do I qualify for the CashUp by Evergreen program?

After you connect with an Evergreen loan officer, you’ll complete a mortgage application and provide documentation to verify income, employment, assets, and current debt. Evergreen will review your application and documentation and notify you of approval for the CashUp by Evergreen program.

Is there a minimum earnest money amount required?

Yes, the minimum and customary 2 percent earnest money (based on the purchase price) is provided by the buyer to present with the offer and is held at escrow.

Where can I purchase a property using CashUp by Evergreen?

The CashUp by Evergreen program is currently available for properties purchased in Arizona, California, Idaho, Nevada, and Washington.

What types of homes can I buy with this program?

Owner-occupied and second homes are eligible. Condos and manufactured homes are not eligible.

Can I use another mortgage lender for my permanent home financing?

Homebuyers that use the CashUp by Evergreen program must use Evergreen for their permanent home financing. If you use another lender or third party for your home financing, Evergreen has the right to terminate the agreement and keep the earnest money.

What if I change my mind after the offer is accepted and Evergreen purchases the home?

If you decide you no longer want to complete the process, Evergreen has the right to keep your earnest money.

Can I still purchase a home if I don’t qualify for the CashUp by Evergreen program?

Yes. There are many financing solutions available to help you purchase a home. If you don’t qualify for the CashUp by Evergreen program, your loan officer will recommend other home buying options that make sense for your individual needs.

Getting started

I’m ready to get started. What should I do?

If you’re currently working with an Evergreen loan officer, contact them to get started. If you’re not currently working with an Evergreen loan officer, use our contact form, and we’ll match you with a loan officer. Your loan officer will review the CashUp by Evergreen program with you and answer any questions you have. When you’re ready to move forward, you’ll apply online.

Is everything done online? Can I work with directly with a loan officer?

While Evergreen is an innovative technology leader providing premier mortgage services, we’re also a people-centric company. We use technology to provide a convenient and streamlined process that’s always backed by real people to guide you along the way. You can find a loan officer near you here.

 

I’m interested, but for now would just like more information. Who do I contact?

Any of our local loan officers will be happy to answer questions! Feel free to call or email for more information. Or you can use our contact form, and a loan officer will be in touch with you soon.

FAQs for Agents

What are the benefits for agents?

The CashUp by Evergreen program was created to help our valued agent partners and their clients. We do all the financing work up front so your clients can submit a worry-free cash offer. This unique program puts you in the best position possible to help your clients compete and win without sacrificing your commission.

My clients have submitted multiple offers without success, and they’re feeling discouraged. Can the CashUp by Evergreen program help?

Yes! This unique program is designed to put your clients at the top of the seller’s list by turning their offers into cash. This means they can quickly submit an offer with no financing and no appraisal contingencies. Upon acceptance of the offer, Evergreen purchases the home on your client’s behalf.

Can my clients use the CashUp by Evergreen program if they need a mortgage?

Yes! Our program is designed specifically for homebuyers who require a mortgage yet need a more competitive offer to help them compete against multiple offers—and possibly multiple cash offers.

Does Evergreen need to be shown on the contract?

Yes. The purchase and sales contract should read:

  • Evergreen Moneysource Mortgage Company as Nominee for buyer’s name and or assigns. (Arizona, California, and Washington transactions)
  • Buyer’s name and/or nominee (Nevada transactions)
  • Buyer’s name and/or assigns. Add addendum RE-11 to read: Evergreen Moneysource Mortgage Company as Nominee for buyers name and or assigns. (Idaho transactions)

Is there a specific title and escrow we must designate on the contract?

Yes. Evergreen is working with Stewart Title & Escrow in Arizona, California, Idaho, and Washington. Evergreen is working with Ticor Title in Nevada.

What is the minimum earnest money required from the buyer?

The minimum and customary earnest money is 2 percent (based on the purchase price). It’s provided by the buyer to present with the offer and held at escrow.

How will the seller know the cash funds are verified if my client is obtaining a mortgage?

Evergreen will provide approved cash buyers with a CashUp by Evergreen approval letter as proof of cash funds, and it can be submitted with the offer.

I’m a listing agent, and my seller received a CashUp offer. What’s the benefit to this offer?

There are many benefits to accepting a CashUp by Evergreen offer. This offer means we’ve fully approved the buyer to submit a cash offer with no financing and no appraisal contingencies. If the offer is accepted, Evergreen Home Loans will purchase the home on behalf of the buyer.

My client has a home to sell but wants to purchase another home first. Can they use the CashUp by Evergreen program before they sell?

Yes! If your client is ready to buy and doesn’t want to sell their current home due to low inventory, they could qualify for our program. Talk to your local Evergreen loan officer for details.

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