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got an offer...does ALL CASH matter that much?
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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got an offer...does ALL CASH matter that much?
we got an offer on our co-op today...25k less than asking price. we were hoping get no less 10k-15k than our asking. we listed our place within the market. we will be counter offering but does all cash really matter that much?
tia
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Posted 1/22/10 11:07 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: got an offer...does ALL CASH matter that much?
It might mean an easier deal.
One thing though... if the buyer truly indeed has cash... get a huge down payment from them. At least 20%.
I've seen so many instances where buyers say it will be a cash deal, just to show up with financing later on in the deal.
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| Posted 1/23/10 12:05 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: got an offer...does ALL CASH matter that much?
I'm thinking since co-op boards usualy require specific mortgage arrangements which can sometimes blow a deal it might be excellent to have an all cash buyer. They just need to get approved by your board, should make for a quick, easy sale.
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| Posted 1/23/10 6:51 AM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: got an offer...does ALL CASH matter that much?
It's always better to have an all cash deal! The purchase is not then contingent upon the purchaser obtaining a mortgage. Means for a faster smoother closing.
Usually, when someone purchases, their obligation to complete the deal is contingent upon their obtaining and qualifying for a mortgage. If they agree to your price and cannot get a mortgage, they are entitled to pull back their down payment and are not obligated to buy. This means that you may be in contract for more than 30 days only to later find out that the purchaser does not qualify. This leaves you to start the process all over again with a new purchaser while continuing to pay your mortage and co-op fees for a few additional months.
With an all cash buyer, once they sign the contract, they are obligated to complete the deal, regardless.If they do decide to back out for any reason, you ge tto keep their down payment. This is why you should request a large down payment on an all cash deal as well.
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| Posted 1/23/10 9:23 AM |
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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Re: got an offer...does ALL CASH matter that much?
thank you all for your replies. we countered yesterday and waiting to hear back.
one question...so no contingency with mortgage..what happens if the board don't pass them, do i have to give back the deposit?
tia
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| Posted 1/24/10 10:15 PM |
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