Home Buying in Florence>Question Details

susanmcbrine, Home Buyer in Florence, OR

Ask a question...Lookimg to bUy home in florence as soon as we sell our grea log cabin home in utah for 275k . Will paying cash speed escrow ?

Asked by susanmcbrine, Florence, OR Sat Apr 14, 2012

will it speed up process and will mosf owners come down on price for cash sure thing offer? Anyone want a log cabin home on 2.5 acres 3500 sq feet in utah?

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Of course, paying case allows a shorter escrow period since closing is not dependent on a lender processing, approving, and funding a loan, which can take 30-45 days today. Sellers like cash offers since appraisals are generally not required. An offer subject to financing automatically terminates if the appraisal is less than the accepted price.

Sorry, I do not have a buyer for your Utah log cabin. It sounds great!
0 votes Thank Flag Link Thu Feb 14, 2013
My experience has been that it doesn't always speed up the process, nor does it mean that the Seller will neccessarily accept less money for their home. You will still will want to have the home appraised, inspected and closing dates set. Sellers have other issues to consider besides whether they get a sure cash deal or accept a financed deal. Remember the Seller is not only considering your reduced offer because it's cash, but they are also considering the costs of inspection items you want repaired and the cost of short term re-location if their new property isn't ready.
If a Realtor representing a Buyer that requires attaining financing is on their game they will advise their Buyer to compelete their financing approval prior to making an offer on a property. This is not to say that it is better than a verifiable cash offer, but it reduces the advantage of the cash offer and allows the Seller to consider other factors which better suit the Seller's needs. I have been involved in many transactions where the Seller chose a pre-approved financed offer over the cash offer because the financed offer met more of their needs discussed earlier.
Cash is great, but don't let it effect your due diligence. Physical inspections, title issues, tax issues, easements and several other items need to be thoroughly inspected before you close. Once the cash is invested it's hard to get issues resolved without a fight. It may end up costing you more in the long run.

0 votes Thank Flag Link Wed Dec 12, 2012
thanks , we would do inspections title search etc for sure and we are flexible about moveout dates . After selling two homes and in escrow for ours now as acseller il prefer cash , saves waiting on fha va or usda process which takes foever and even preapproved buyers sometimes have glitches . Cash is cash sure thing . We sweated out appraisal which was ok , thanks for advice
Flag Sat Mar 23, 2013
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