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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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All Cash Buyers?
UPDATE: They accepted our final counter. The inspection is tomorrow and if all goes well, she wants to close April 15. That's fine for me but doesn't that sound a bit odd for a cash buyer? She'll just miss the deadline to deduct her closing costs from her taxes this way.
I took my house off the market a few months ago. A few weeks ago, my broker called us and said he has a buyer who he showed the exterior of our home to and is interested and could he show it. We figured what the heck so we did - she looked 3 times and made an offer, we countered, she countered back, we made one final offer and now we are waiting on her. Is there anything I should be especially wary of with an all cash buyer? I'm doing some research but I know there are a lot of RE Agents on here and would be grateful for as much insight as I could get.
TIA!
Message edited 1/8/2011 8:33:24 PM.
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Posted 1/8/11 2:27 PM  |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: All Cash Buyers?
I would suggest a large downpayment and proof of funds
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| Posted 1/8/11 2:29 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: All Cash Buyers?
I wouldn't accept (or submit) an offer with out proof of funds
It's more common then you think
Cash is a very good thing- no mortgage- quick close
I would do a 30 day close
it doesn't sound like an investor- they would never look 3 times- mine don't usually look at all
Message edited 1/8/2011 2:57:33 PM.
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| Posted 1/8/11 2:55 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: All Cash Buyers?
Definitely confirm the funds and have all the details stated in writing.
When we bought we offered all cash although we had no intention of paying all cash. We bought at the height of he market and wanted our bid to be more attractive than the others. A dishonest and risky tactic but it worked in our favor. The realtor actually never asked for us to confirm funds and nothing was said when we "changed minds" and applied for a mortgage.
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| Posted 1/8/11 4:45 PM |
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MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: All Cash Buyers?
We bought our current home as an all cash deal. We were selling our first home to purchase this one. We were buying through a relocation company. They had concerns about an all cash deal so to ease their minds, we applied for a mortgage. However we never had any intentions of actually getting a mortgage.
I will say as a seller...I had concerns about all cash deals. We also had tons of offers for $200k-300k cash and the rest they wanted to mortgage as long as we lowered the selling price to match. No way was I falling for that trick.
Good luck!!
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| Posted 1/8/11 6:41 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: All Cash Buyers?
Question for those of you that said you would ask for proof of funds etc. Isn't all cash a good thing? And, what could possibly be the downside - once you sign the contract aren't they obligated to follow through legally? And, like another poster said if it is all cash - you could probably close really quick.
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| Posted 1/8/11 7:04 PM |
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HillandRon
LIF Adult
Member since 5/05 2922 total posts
Name:
Hillary
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Re: All Cash Buyers?
All cash, in this market I could say that is the best type of buyer. I would be jumping for joy if someone offered me cash...
This should be a no brainer
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| Posted 1/8/11 7:18 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: All Cash Buyers?
Posted by itsbabytime
Question for those of you that said you would ask for proof of funds etc. Isn't all cash a good thing? And, what could possibly be the downside - once you sign the contract aren't they obligated to follow through legally? And, like another poster said if it is all cash - you could probably close really quick.
They could technically back out and lose just the downpayment. I am pretty sure there is no way to hold someone to buying your home, they would simply lose the downpayment so some people are leery.
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| Posted 1/8/11 11:21 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: All Cash Buyers?
Posted by itsbabytime
Question for those of you that said you would ask for proof of funds etc. Isn't all cash a good thing? And, what could possibly be the downside - once you sign the contract aren't they obligated to follow through legally? And, like another poster said if it is all cash - you could probably close really quick.
you need to make sure they actually have the cash
so instead of a pre-approval letter for a mortgage - you need to see the bank statement showing the cash
all cash is my favorite type of deal as a realtor- but I would be a fool to not confirm the money is there
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| Posted 1/9/11 5:52 PM |
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