We got a all cash offer.... Where do people get all this money from???

It too low for us to accept but where do people get all this cash from???

Re: We got a all cash offer.... Where do people get all this money from???

no clue. inheritance? but, stick to your guns, if that's all the $$ they have, maybe they will take out a teeny-tiny mortgage.

my aunt & uncle didn't have a mortgage for years, and they missed it b/c of the tax right-offs. now they have a new house, and they are thrilled to have a mortgage. (i am sure it's small)

go figure!

Re: We got a all cash offer.... Where do people get all this money from???

When we were selling our first house we had several people look at it (usually parents for their adult children) that said it would be a cash deal if they liked it.

One man did tell us that he wanted to give his child their inheritance now so they could be secure in a house while he was alive.

Hopefully they will come up a bit.

Re: We got a all cash offer.... Where do people get all this money from???

My parents plan on downgrading and with the sale of their house they will be able to make an all cash offer. If it's a younger couple.... I don't know.

Re: We got a all cash offer.... Where do people get all this money from???

if it's a younger couple who has lived with their parents for a good number of years (rent free), maybe gotten wedding gift $ (and didn't have to pay for their wedding)...and has no student loans or bills......who knows, lol!

only in my dreams!!!

i bet if they like the house enough they will come up. was it that far off from your minimum?? GOOD LUCK!!!

Re: We got a all cash offer.... Where do people get all this money from???

My grandma just moved to a condo and bought all cash--she had lived in her house for over 50 years and obviously it was all paid off, so when she sold it she got the cash and purchased the new unit....so if you inherited a house that was completely paid off and were selling it, you might be in the same situation....

Re: We got a all cash offer.... Where do people get all this money from???

I don't think it is that unusual. People have additional properties, condo or coops, summer homes etc that they sell and then they take that money and put it towards another purchase, or they have a trust or money left to them. Why take out a mortgage when you have other money that you can put down. It is a plus I would think for the sellers b.c you are guaranteed the money and don't have to worry that the person's mortgage won't go thru.

Re: We got a all cash offer.... Where do people get all this money from???

my coworker just did a cash deal - but she took out a "mortgage" with her dad, until she sold her house.

Re: We got a all cash offer.... Where do people get all this money from???

Be careful with cash offers.

I can see some people coming in saying they have a "cash offer" trying to get a super low price, just to decide later after contract to take out a mortgage.

Makes me wonder how you can actually enforce a true cash offer. I'd definitely start by asking for 50% down at contract.

Re: We got a all cash offer.... Where do people get all this money from???

people have cashed in their investments/retirement accounts in a panic and now are flush with cash.

Not smart...but that could be another reason.

Re: We got a all cash offer.... Where do people get all this money from???

I've wondered too... but like others have said, inheritences, sales from other properties, savings?? Who knows, but I wish it was us!!

Thats great that you got an offer though... did you counter?

Re: We got a all cash offer.... Where do people get all this money from???

IF we ever purchased a home it would be all cash. My Mom gave me her coop that was fully paid off and we would sell that first in order to buy a house if we ever decided to go that route and pay for the house in cash with the profit of the coop.

Also there are alot of people out there who have saved saved saved. Like a previous poster mentioned if you got married, lived with family and just banked your check and had no bills in a few years it's possible.

Re: We got a all cash offer.... Where do people get all this money from???

wow, i've never even heard of that! maybe they won the lotto?

BTW, i don't know if i told you, but i went to the open house, you have a gorgeous home

Re: We got a all cash offer.... Where do people get all this money from???

An ex and I did this in the past. His grandmother paid for the house in cash for us...no mortgage. We in turn paid his mom a monthly payment. The money would have been his moms inheritance which is why we paid her back instead of his grandmother.

Re: We got a all cash offer.... Where do people get all this money from???

Posted by rkoenke

no clue. inheritance? but, stick to your guns, if that's all the $$ they have, maybe they will take out a teeny-tiny mortgage.

my aunt & uncle didn't have a mortgage for years, and they missed it b/c of the tax right-offs. now they have a new house, and they are thrilled to have a mortgage. (i am sure it's small)

go figure!

Re: We got a all cash offer.... Where do people get all this money from???

Re: We got a all cash offer.... Where do people get all this money from???

Re: We got a all cash offer.... Where do people get all this money from???

My mom bought her place cash, she got it from inheritance money

Re: We got a all cash offer.... Where do people get all this money from???

all cash offers really aren't that unusual. an all cash offer doesn't always result in an all cash sale. this technique is often used (moreso when the market was stronger) as a tool for buyers to appear more attractive.

Message edited 5/4/2009 9:39:08 PM.

Re: We got a all cash offer.... Where do people get all this money from???

My friend paid cash for his house - it was all inheritance money.

Re: We got a all cash offer.... Where do people get all this money from???

Posted by dottiemchugh

I've wondered too... but like others have said, inheritences, sales from other properties, savings?? Who knows, but I wish it was us!!

Thats great that you got an offer though... did you counter?

Re: We got a all cash offer.... Where do people get all this money from???

Posted by headoverheels

wow, i've never even heard of that! maybe they won the lotto?

BTW, i don't know if i told you, but i went to the open house, you have a gorgeous home

Re: We got a all cash offer.... Where do people get all this money from???

maybe they got help from a family member. Or it could be like my case..I lived at home until I was 26..so all the money we had was from years of saving. It also could have been wedding money! We made a pretty big chunk of cash/.

Re: We got a all cash offer.... Where do people get all this money from???

I bought my house for cash. We sold our first home for an amazing price to buy the second home for cash. We bought/sold in 2007.

When I was selling, I would not entertain an all cash offer. I had many but refused them especially when FSBO.

When buying my current home, my RE wanted us to get preapproved for a mortgage. I refused because I had absolutely no intentions of getting a mortgage.