Foreclosure in 33830>Question Details

Donna Torres, Home Buyer in Bartow, FL

why would a house be selling for cash only, and if the co. is asking 69,900 how low would they go?

Asked by Donna Torres, Bartow, FL Fri Jun 27, 2008

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Answers

7
Make an offer and see what happens!! The house could be in dissaray or the owner doesnt want to deal with a mortgage contingency
1 vote Thank Flag Link Thu Mar 10, 2011
MOST OFTEN a home is sold CASH ONLY becuase it needs too much work for a buyer to be able to get a mortgage on. It means the seller will not repair or credit for any work and therefore a home inspection is only for the buyers own knowledge and can not be used to renegotiate. Most cash prices sell for the asking price of over. CAsh sales do not want to wast time with a higher asking price as they do not want to waste time with the offer and counter offer game.
0 votes Thank Flag Link Sat Oct 27, 2012
What I know bank owned property are sometime on market for weeks, months even after one day on listing they get offer. No response to my offer for weeks. Those bank get bail out and got same people for years, same people who get us to housing crisis with overpriced mortgage.
Flag Sat Oct 27, 2012
"We've sold listings "cash only" because the homes were not financable due to their condition"
.It's not true!!! I got FHA 203K loan so I can buy houses in bad condition but agents don't want give me change to buy some specific house in Denver area, they want only cash. Rich become richer and middle class without big cash can't buy some houses. I found house(bank owned) (bank who get bailout) of my dream easy to fix all problems to obtain FHA policy. They don't want even talk about this. What answer is " ONLY CASH. " So regular people have no same change make offer to buy cheap houses.
0 votes Thank Flag Link Sat Oct 27, 2012
We've sold listings "cash only" because the homes were not financable due to their condition. If you do come across a home that's "cash only", make sure you either get a seller disclosure unless it's a foreclosure listing. They pretty much come without seller disclosure and you are to verify room measurements etc. and I would strongly recommend an inspection BEFORE you even make an offer.
0 votes Thank Flag Link Thu Mar 10, 2011
How low will they go? Who knows? Make and offer and see. Some people are listing at the lowest price to begin with. The terms will also make a difference, ie. is the Seller being asked to pay some costs for the Buyer? The closing date. repairs Seller might be expected to do, etc. All of these will play a role in the final price. Frequently the closing sales price will be HIGHER than the listed price, as Seller may pay considerable amount of Buyer's closing costs & /or pre paids.

Carol Ann Sargeant, e-PRO Realtor
H& M Realty of Polk County

Cash sales have quick closings. Cash buyers who can give proof of funds will buy the property. Those who have to obtain a mortgage, although they may be PRE qualified, may have last minute problems that "disqualify" either the borrower of the property for a loan. While property is in the pending status awaiting the loan process to work through, the Seller might miss another CASH offer; therefore, Seller doesn't like to take the risk of a mortgage sale not being able to close.
Just because the listing says CASH only, IF you have excellent credit, a significant down payment, & are willing to do any repairs the house might need for the house to qualify, you might make an offer anyway - sometimes in certain circumstances people change their minds.
Ask your personal Realtor for their advice in a specific situation.
Web Reference: http://www.h-mrealty.com
0 votes Thank Flag Link Sun Jun 29, 2008
I found a house in Oregon ~ Real Estate Agency is selling the house for $65,000 ~ The house was assessed at $36,000 in 2,013 ~ I wrote and asked if they would accept $50,000 ~ An Agent wrote back stating that it is a "Cash Only" Sale, and that they would probably want to meet somewhere in the middle of what I was offering and the asking price.... Who has that kind of Cash to just go out and pay cash for a place....
Flag Wed Jan 21, 2015
Hello Donna,

Also, they can close alot faster with a cash deal then with a mortgage.
If the house is in a state of disrepair, ei no heating, bad roof, it cannot be financed with
a regular mortgage.

Good luck with your offer!
If I can be of any help, please feel free to contact me.
0 votes Thank Flag Link Fri Jun 27, 2008
Because the owner isn't willing to deal with any financing contingencies.

You never know until you ask! Put the offer out there, and see what they say!

If I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!

Thanks

-Josh
0 votes Thank Flag Link Fri Jun 27, 2008
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