Financing in Hancock>Question Details

Mom, Home Buyer in Hancock, MD

I have been told that to buy 28 Main St., I have to have 'cash'. What does this mean?

Asked by Mom, Hancock, MD Wed Jul 31, 2013

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5
That means that the owners will only accept a cash offer or that the property will not meet the requirements to be financed.
0 votes Thank Flag Link Thu Aug 1, 2013
It means you can't finance the property...probably due to its condition.
0 votes Thank Flag Link Thu Aug 1, 2013
This means that most likely the condition of this unit is bad or in great need or repairs. In order to get a loan you will need to have the home meet guidelines for lending. Depending on what type of lending you are using and how much money you are putting down also reflects the purchase possibility.
Think of your Bank/ Lender as the Investor giving you money to purchase this home...would this home pass the Investors idea of a Good purchase.
Call me anytime to talk about Real Estate and this Current Market.

Sherry Scire
Strata Real Estate Services, LLC
301-797-8404 X 210
301-573-8302 Cell
Scire@mris.com
0 votes Thank Flag Link Thu Aug 1, 2013
Hi Mom!! "cash" means the seller will only sell to a buyer that is paying with cash. In other words you would be able to provide proof of funds in a bank account with your offer.
0 votes Thank Flag Link Thu Aug 1, 2013
It means the seller is not accepting any financing contingencies. Probably due to the property's condition.
0 votes Thank Flag Link Wed Jul 31, 2013
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