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tagkit
LIF Infant
Member since 10/12 361 total posts
Name:
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All Cash for a House
OK wth does this mean ....my cousin keeps getting calls from people we will pay all cash for your home. His home is valued around a mill .....do ppl just have that sitting in a bank...thats crazy??!!
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Posted 3/10/16 12:04 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Re: All Cash for a House
It is more common then you think.
Message edited 3/10/2016 4:10:08 PM.
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| Posted 3/10/16 12:06 PM |
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METLove2008
LIF Adolescent
Member since 5/08 541 total posts
Name:
Ellie
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Re: All Cash for a House
my friend got one of those calls. she entertained them just to see what they would pay. it wasn't anywhere near what the house was valued at.
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| Posted 3/10/16 12:10 PM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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All Cash for a House
There are REAL buyers who can pay cash for a house. Then there are companies that will pay cash to buy your house. These gys (the calls you are getting) are people looking for a bargain. Or if you are desperate.
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| Posted 3/10/16 12:59 PM |
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newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
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All Cash for a House
Why does paying "cash" matter?
When we were looking for a house, the agent said "There are 2 other offers, one is all cash"
When you sell a house, doesn't the bank give you "cash" ?
So why is an "all cash offer" such a big deal?
Is it because it takes longer to get the bank to pay? but its not that much longer is it? (assuming the buyer is already approved for the mortgage)
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| Posted 3/10/16 1:02 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: All Cash for a House
Posted by newlywedT
Why does paying "cash" matter?
When we were looking for a house, the agent said "There are 2 other offers, one is all cash"
When you sell a house, doesn't the bank give you "cash" ?
So why is an "all cash offer" such a big deal?
Is it because it takes longer to get the bank to pay? but its not that much longer is it? (assuming the buyer is already approved for the mortgage)
with an all cash deal you do not need to wait for the entire mortgage process. you can sign the contracts and close in a very short period of time.
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| Posted 3/10/16 1:05 PM |
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Re: All Cash for a House
Posted by newlywedT
Why does paying "cash" matter?
When we were looking for a house, the agent said "There are 2 other offers, one is all cash"
When you sell a house, doesn't the bank give you "cash" ?
So why is an "all cash offer" such a big deal?
Is it because it takes longer to get the bank to pay? but its not that much longer is it? (assuming the buyer is already approved for the mortgage)
The process moves a lot quicker and you don't have to worry about the buyer not being able to obtain financing. Even though you are pre approved for a mortgage doesn't guarantee you will get one. I'm sure it isn't super common but it does happen.
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| Posted 3/10/16 1:07 PM |
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Lara&Aidansmommy
For mom i miss u ETC ILOVEU
Member since 3/07 13921 total posts
Name:
ETC I LOVE YOU
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Re: All Cash for a House
When we bought our house we paid all cash.
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| Posted 3/10/16 1:12 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: All Cash for a House
Is her house listed for sale? I would look at Craigslist to see if someone is scamming people claiming to be selling her house. I will say all cash offers are common for million dollar homes. We were beat out for a few by all cash offers. Our home is not a million, but even in our price range, we lost seven homes to all cash offers. In certain markets with desirable school districts, it happens a lot. My neighbor is selling her house for almost a million and she received an all cash offer.
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| Posted 3/10/16 1:41 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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All Cash for a House
alot of people are paying all cash, contingent upon the sale of their current home. Some people might have expensive homes already, and expect to make a profit.
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| Posted 3/10/16 1:46 PM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: All Cash for a House
yup. normal and VERY common. this is what fh ad I are dealing with. homes being purchased above ask and all cash from chinese buyers. They dont trust the govt back home so they need to dump the money in something - real estate.
its discouraging as a buyer, but as a seller, its a no brainer
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| Posted 3/10/16 1:46 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: All Cash for a House
Posted by mommy2be716
alot of people are paying all cash, contingent upon the sale of their current home. Some people might have expensive homes already, and expect to make a profit.
ok I get this but for those who don't do this and just have that much cash saved up kudos to them!!!  that's a lot freaking money to just have stashed away. I can only dream to ever be able to do that
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| Posted 3/10/16 1:49 PM |
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tagkit
LIF Infant
Member since 10/12 361 total posts
Name:
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Re: All Cash for a House
Posted by blu6385
Posted by mommy2be716
alot of people are paying all cash, contingent upon the sale of their current home. Some people might have expensive homes already, and expect to make a profit.
ok I get this but for those who don't do this and just have that much cash saved up kudos to them!!! that's a lot freaking money to just have stashed away. I can only dream to ever be able to do that
DITTO!!!
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| Posted 3/10/16 2:30 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: All Cash for a House
Posted by blu6385
Posted by mommy2be716
alot of people are paying all cash, contingent upon the sale of their current home. Some people might have expensive homes already, and expect to make a profit.
ok I get this but for those who don't do this and just have that much cash saved up kudos to them!!! that's a lot freaking money to just have stashed away. I can only dream to ever be able to do that
I can't even buy a car for all cash!
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| Posted 3/10/16 2:41 PM |
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tagkit
LIF Infant
Member since 10/12 361 total posts
Name:
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Re: All Cash for a House
Me neither hahaha , thats great lolol ....and thats not even a Mer-say-deeez Benz hahahaha
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| Posted 3/10/16 2:51 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: All Cash for a House
I have a couple friends who paid cash for their house, they were 1.5 mil and 3.2 mil and not contingent on selling their homes. Just liquid $$
It makes closing easier and also the buyer doesn't pay as much closing costs.
Message edited 3/10/2016 4:01:49 PM.
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| Posted 3/10/16 3:52 PM |
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Mushesgirl
Too blessed to be stressed
Member since 4/09 6691 total posts
Name:
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Re: All Cash for a House
my bff lives in Dyker Heights in Brooklyn. This is happening with nearly every house there. Chinese buyers, all cash.
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| Posted 3/10/16 4:05 PM |
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MissJones
I need a nap!
Member since 5/05 22132 total posts
Name:
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All Cash for a House
Personally, I don't think it's normal and it makes you wonder.
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| Posted 3/10/16 4:16 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: All Cash for a House
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
I think generally the people who do this are not your average home buyers. It's more investors. You see it a lot with people who flip houses for a living.
They have investors who put up that cash for them and they pay them back with interest after the house sells for a profit.
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| Posted 3/10/16 4:18 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: All Cash for a House
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
I guess it depends on circumstance. If a buyer is making a profit on their current home when they sell then I can see how they have the cash on hand to buy another house all cash. For instance my aunt moved from brooklyn to LI a few years ago... she sold her house for like 700k, something like that, she bought it years ago so I think she owned it free and clear. So she was able to buy a 450k house on LI all cash.
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| Posted 3/10/16 4:51 PM |
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MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: All Cash for a House
We sold our house in Queens and had numerous all cash offers. Many tried to get us to take cash under the table and write the contract for less. Obviously, we didn't go for that since once we signed a contract for less then we were legally obligated to sell for that amount. It was a crazy experience selling our first home.
We bought our next house in CT for cash. We made a substantial profit and we able to pay all in cash. It was a cool experience and we love not having a mortgage.
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| Posted 3/10/16 4:58 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: All Cash for a House
Posted by newlywedT
Why does paying "cash" matter?
When we were looking for a house, the agent said "There are 2 other offers, one is all cash"
When you sell a house, doesn't the bank give you "cash" ?
So why is an "all cash offer" such a big deal?
Is it because it takes longer to get the bank to pay? but its not that much longer is it? (assuming the buyer is already approved for the mortgage)
Nobody here mentioned the biggest advantage a seller gets when taking an all cash offer. There is no appraisal to worry about (appraisal coming in low).
Appraisals in this market probably break more deals than people not getting approved for the financing.
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| Posted 3/10/16 5:44 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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.....
...
Message edited 3/20/2016 9:30:06 PM.
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| Posted 3/10/16 6:38 PM |
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MrsH2009
Thank you St. Gerard!
Member since 8/09 6631 total posts
Name:
M
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Re: All Cash for a House
Posted by ave1024
Posted by newlywedT
Why does paying "cash" matter?
When we were looking for a house, the agent said "There are 2 other offers, one is all cash"
When you sell a house, doesn't the bank give you "cash" ?
So why is an "all cash offer" such a big deal?
Is it because it takes longer to get the bank to pay? but its not that much longer is it? (assuming the buyer is already approved for the mortgage)
Nobody here mentioned the biggest advantage a seller gets when taking an all cash offer. There is no appraisal to worry about (appraisal coming in low).
Appraisals in this market probably break more deals than people not getting approved for the financing.
Insurance as well. My parents bought a home all cash. It was a summer home in an affordable area of Delaware. BC they had no mortgage, they didn't have to get flood insurance, while the rest of the neighborhood does.
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| Posted 3/10/16 6:38 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
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Re: All Cash for a House
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
what makes you think it is not normal? People who purchased their first home before 2004 made amazing profits when they sold. I think it is more common in wealthy neighborhoods. There are a lot of Asian families who bought houses near me for all cash. My kids elementary school is top five in my state. Their children go to school with my kids. It is an incredibly popular thing to do. We were out bid by many cash buyers. I knew that there were a few other families we were bidding against. You would be surprised how many people deal in cash and then purchase homes. It can legitimize the cash.
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| Posted 3/10/16 7:22 PM |
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