Home Buying in Willowbrook>Question Details

Ilinois Real…, Home Buyer in Chicago, IL

I am a cash buyer...when I see that the terms are conventional,VA or FHA,does that mean I cannot buy the property?

Asked by Ilinois Real Estate, Chicago, IL Mon Mar 5, 2012

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Maria Gilda Racelis’ answer
Dear Home Buyer:

This is just to state upfront the type of financing that this specific property can qualify for. Some properties can't qualify for FHA, VA or conventional because of the condition. In your example, they are just making the consumers aware that it can pass these types of financing--for their information.

Cash can buy almost everything.

Good Luck.

Maria
1 vote Thank Flag Link Tue Mar 6, 2012
Cash is King! It is better than needing lender financing. The seller will want to work with you more than someone who has to try to qualify for a loan.

Paul Scheufler
Expert Realty Services, Inc
0 votes Thank Flag Link Wed Mar 20, 2013
Cash is King! A cash offer in many cases will have a better chance of being accepted over a buyer using bank financing.
0 votes Thank Flag Link Tue Mar 6, 2012
As my fellow realtors have answered in most situations cash is great! The only time you will not be able to buy is if you are an investor trying to buy in a development that does not allow rentals due to HOA regulations or if they do allow a certain percentage of units to be rented out and they have reached that amount or "capped" out.

For your own personal residence there are no limitations and is a good way to buy a property you love that would not appraise out if you had to finance it.
0 votes Thank Flag Link Tue Mar 6, 2012
Cash is always welcome on any transaction but you will be asked to prove you have enough to purchase a particular property with what we call a "proof of funds" document.
Sale terms are posted to notify a prospective buyer of the terms available for a particular property. Cash always works, conventional financing usually works but sometimes FHA loans will not work if a home will not pass an FHA inspection/appraisal due to condition. Or if located within a condominium association, the complex must be FHA approved. Some properties are in total disrepair and will not qualify for any financing.
Sale terms also reflect the sellers willingness to entertain a variety of offers.
Web Reference: http://www.beatakolpek.com
0 votes Thank Flag Link Tue Mar 6, 2012
Cash is still King! It is important for listing agents to list the type of financing accepted as some homes may have extensive repairs that the government backed loans won't qualify for ie VA or FHA. Both of these loans have been streamlined to allow more repairs than they used to but its good to be upfront about it.
Getting back to your question; Cash is always welcome as long as there is enough of it (:
0 votes Thank Flag Link Tue Mar 6, 2012
No, that shouldn't mean that. I think it's because the option to check of for cash is "cash only" and I think it sometimes intimidates other buyers.

So, go for it! They should welcome your cash (as long as it's a reasonable offer :) )

Cathi Weaver
Keller Williams Realty Partners
847-477-3494
Web Reference: http://www.cathiweaver.com
0 votes Thank Flag Link Mon Mar 5, 2012
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