Yep, especially right now with banks tightening the screws on lending. Lots of deals fall through on the lending side, so a seller is much more likely to entertain a lower offer when all that offer is dependent on is how fast the lawyers can move the paperwork.
---------- Post added at 11:10 AM ---------- Previous post was at 11:08 AM ----------
Just missed this one:
Bank short sale’d it at 130k. Was listed at 209900 in 2009.
So yeah, there’s deals out there.
I’m not sure “cash” has this huge advantage anymore. It really only saves time. Most of the 2 months (average) it takes to buy a house is from the mortgage process. Lawyers still have to do the normal work. I just don’t see a seller dropping the price a large huge amount just because they save a few weeks. Short sales can be nightmares, it could take weeks or even months to just get an answer back on your offer. Either way, good luck. Hope she find a nice house.
Wasn’t trying to create a debate, I was honestly curious. You didn’t mention that this was for someone else. And you answered exactly why she would want to. In this scenario, it definitely makes sense.
The only time a cash only offer really helps the buyer is when you are buying a really distressed/REO property or have a SUPER motivated seller.
that being said, in those situations cash really is king
Figured I’d update this.
175 recording
500 lawyer
350 inspection
889 fee insurance
That’s it for closing costs on a 142k house when you pay cash.
cash is king on anything. period.
And there were a couple offers in, and from the sounds of it the fact that she came in with cash was a factor in her’s being chosen. No idea how big a factor, but it was considered because her agent and the sellers agent talked about it.
x2^, i can bet ya it definitely was a factor