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A comment on Salim Kara stole $2M in coins with a magnet and a car antenna. Parent comment

Re:Salim Kara stole $2M in coins with a magnet and a car ant... by gruez on Tuesday January 02, 2024 @11:48AM (#38843699)
AFAIK "Paying All Cash" doesn't necessarily mean the buyer has $1M (or whatever the purchase price of the house) saved up. It just means their offer isn't contingent on them securing a mortgage, and they have the money secured somehow (probably through a preexisting loan).

https://www.bankrate.com/real-estate/all-cash-offer-upfront-...

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by Scoundreller on Tuesday January 02, 2024 @12:23PM (#38844166)
100%. Not unusual for a multi-property investor to buy “cash” through a cheque on their line of credit to close quickly (you’ve already decided you want to properly and quick close can be a competitive advantage).

Then arrange the mortgage later, possibly after some capital-value improving… improvements.

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