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Charly
LOVE!
Member since 5/05 12578 total posts
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Do you think this is ok?
We received a second offer on our house.
They are willing to pay all cash, waive the inspection put 10% down, flexible closing date and sign contracts ASAP.
The first offer was only $1,000 less, 5% down, can't close until June and of course like most people would want to do an inspection.
The 2nd offer almost seems too good to be true? Am I missing something? Who doesn't inspect????
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Posted 2/28/06 8:23 PM  |
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Prudential Douglas Elliman Real Estate
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CAJ
woulda, coulda, shoulda
Member since 12/05 3366 total posts
Name:
CJ
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Re: Do you think this is ok?
Some dont if they know they are going to do major construction, go with that person for sure...also it might start a bidding war...
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| Posted 2/28/06 8:26 PM |
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Re: Do you think this is ok?
Wow, all cash?
I don't know- I'm a sucker so I'd feel bad, and $1k is not a huge motivation for me to back out of the deal. But that's me, the other offer might work better for you.
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| Posted 2/28/06 8:48 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Do you think this is ok?
Posted by MrsProfessor
Wow, all cash?
I don't know- I'm a sucker so I'd feel bad, and $1k is not a huge motivation for me to back out of the deal. But that's me, the other offer might work better for you.
I hear ya, but no deal was made yet (they were just the first offer by a few hours.) The flexible closing date is definitely the most appealing part for us since we haven't found a place yet so we'd like to go with them. I just found the all cash no inspection thing weird.
Anyway I spoke to my broker a couple of hours ago and she the buyer is an engineer and already took a really good look at it himself and the parents are buying them the house.
I guess that explains it.
Message edited 2/28/2006 11:32:25 PM.
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| Posted 2/28/06 11:30 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
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Re: Do you think this is ok?
Yeah - the fact that he is an engineer probably explains it. The person buying my fiance's house didn't do an inspection either. I thought that was totally insane. I can't imagine making that big of an investment without having a formal inspection.
Message edited 3/1/2006 11:17:20 AM.
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| Posted 3/1/06 11:17 AM |
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Re: Do you think this is ok?
In your situation, it is understandable that you need the flexibility that the second offer gives you because you're still looking.
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| Posted 3/1/06 11:34 AM |
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patchyfogg
LIF Infant
Member since 1/06 328 total posts
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Re: Do you think this is ok?
I've always found that the "all cash" vs. "x # percent down" is a realtor's creation meant to make the seller sell quicker.
A financed mortgage is essentially all cash at the closing, as well. So, the notion of better buyer is just that, a notion. No knowledge of deadbeatness/buyer worthiness can be deduced by the percentage being put down.
Hollywood stars and millionaire athletes never pay in all cash, it's just not a good business decision. They, too, finance.
This is probably not applicable to your situation, but it is something to be aware of.
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| Posted 3/1/06 11:57 AM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Do you think this is ok?
Thanks everyone!
Contract should go the buyers lawyer today. I pray this goes smooth!!!
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| Posted 3/3/06 7:56 AM |
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My2Boys
Love.
Member since 10/05 4796 total posts
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Re: Do you think this is ok?
Posted by patchyfogg
I've always found that the "all cash" vs. "x # percent down" is a realtor's creation meant to make the seller sell quicker.
A financed mortgage is essentially all cash at the closing, as well. So, the notion of better buyer is just that, a notion. No knowledge of deadbeatness/buyer worthiness can be deduced by the percentage being put down.
Hollywood stars and millionaire athletes never pay in all cash, it's just not a good business decision. They, too, finance.
This is probably not applicable to your situation, but it is something to be aware of.
I agree wholeheartedly. However, one major advantage to an "all cash" deal is that the parties can move much quicker than if a bank is providing the "cash".
Also, not every star finances. I've been at a number of closing tables where there were no banks involved. 
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| Posted 3/3/06 9:43 AM |
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