Field Notes · No. 2 · Nov 2026
How to write an offer when your liquidity isn’t yet liquid
This is general information, not tax, legal, or financial advice. Everyone’s situation is different, so review yours with a CPA, attorney, or wealth advisor as appropriate.
A common mismatch: the house is ready before the money is. The good news is that an offer is a bundle of terms, and most of them can be matched to when your cash arrives. The goal is an offer the seller trusts and you can actually close.
Start with the calendar
Write down four dates before you write anything else: when your funds settle, when your deposit is due, when you would have to remove contingencies, and your closing date. Then check that your money will be in place by the time each commitment comes due.
Five levers
- Closing date. A longer escrow gives a payout time to land. In a competitive situation, though, sellers often prefer speed, so a long close can cost you. If you need the extra time, strong funding and otherwise firm terms can make up for it.
- Deposit. The initial deposit is due within two business days of acceptance by default, so it has to come from cash that has already settled. A larger deposit signals strength, but it is at risk if you don’t close. In a competitive market, delivering the initial deposit sooner than the two business days is a small but meaningful gesture that can strengthen an offer. For a home you will live in, the standard San Francisco contract limits what a seller can keep to 3% of the price, consistent with California law (Civil Code section 1675). An attorney can explain how that applies to your contract.
- Contingencies. In the standard San Francisco contract, inspection, title and disclosure review default to 15 days and loan and appraisal to 21 days, and all are negotiable. Shortening or waiving them strengthens an offer but moves risk to you. The loan contingency is the one tied to timing: keep it until your funds have settled and your lender has approved. For appraisal and inspection, the question is reserves: waive only if you could cover a low appraisal or an unexpected repair with cash you already have.
- Financing structure. Some buyers bridge a timing gap with a line of credit secured by a portfolio that has already settled, or by another property. These lines carry risk. If a securities-backed portfolio falls in value, the lender can demand repayment or sell holdings, and concentrated positions may not qualify as collateral. Whether restricted or unvested shares can be pledged varies by lender. Talk to your advisor and lender before building an offer around borrowed money.
- Proof of funds. Show what is real and label what is scheduled: settled cash today, and dated amounts to come. A clear picture tends to read better than a vague claim. Redact account numbers and any other sensitive details before sending anything. Show enough to cover your offer, but not significantly more than the amount you are offering, since a seller has no need to see your full net worth.
One rule
Never remove your loan protection before the money behind it exists.
Your CPA, advisor and lender confirm the numbers. Our job is to turn them into terms a seller will accept and you can safely meet. If you’re planning around a payout or a liquidity window, get in touch.
Sources
- Truist: securities-based lending
- California Civil Code section 1675
- San Francisco Association of REALTORS® Purchase Agreement [PA], Rev. 12/25: contingency periods, initial deposit timing, liquidated damages (paragraph 40)
+ONE Properties · San Francisco
This is general information, not tax, legal, or financial advice. Everyone’s situation is different, so review yours with a CPA, attorney, or wealth advisor as appropriate.