Posted by boogeyman on February 09, 2002 at 17:22:19:
The question isn’t money, it’s time! It takes quite a bit more time, usually 30+ days to close a bank financed deal. Someone who has cash can usually close in a matter of days. I imagine some sellers wouldn’t mind, but a truly motivated seller with time constraints would jump on the cash offer.
Oh yeah, not to mention that sometimes a situation could occur with a lender that would force someone to not be able to close a deal. Usually don’t have those types of issues when a buyer has cash!!
I can’t figure out why offering all cash would entice a seller to lower his price. Isn’t he going to get all cash anyway from wherever I get my financing? Or from whoever will buy the house? If he’s asking 100k, isn’t he going to get 100k at close?
Posted by Ben (NJ) on February 09, 2002 at 17:26:42:
If you’ve ever taken a property off the market for
30 days or more waiting for a buyer to get mortgage approval and then finding out he got denied, you would see the benefits of having a cash buyer.