Foreclosure in Oakland>Question Details

Shelly, Other/Just Looking in Oakland, CA

How much quicker would it be to buy a foreclosure with cash vs obtaining a mortgage?

Asked by Shelly, Oakland, CA Fri May 10, 2013

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It is not about “quicker” it is about a “stronger” more attractive offer that you could make by offering cash instead of financing to the seller. Too many things can go wrong as you loan is processed. Poor condition of the collateral may prevent loan approval. The appraisal may not be inadequate – very common in today’s rapidly escalating price environment. Your underwriter may be having a bad hair day.

Sellers would rather have cash as long as the bottom line net to the seller is attractive. Cash does not enable lowball offers but cash may earn a small discount compared to a financed offer.
0 votes Thank Flag Link Fri May 10, 2013
You wouldn't have to go through the loan process, which can drag on sometimes and take longer than planned.
0 votes Thank Flag Link Fri May 10, 2013
A foreclosure listed on the MLS, or a foreclosure being auctioned off?

Cash is always quicker to conclude a real estate transaction. But is speed the objective, or is submitting a winning offer more important?
0 votes Thank Flag Link Fri May 10, 2013
Quicker and Stronger!
Maybe 15 day Escrow as opposed to 45 days.
You could always re-fi and take money out, after it is yours.
Lots of possibilities when you have money.
0 votes Thank Flag Link Fri May 10, 2013
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