When you pay cash it isn't any different than getting a loan which would also cash out the seller. However, what might help your offer is to shorten a closing time, and make sure you are pre-approved. Buying a foreclosure or short sale takes a tremendous amount of patience. As already recommended, make sure you do a full home inspection, PLUS a sewer scope, roof inspection and furnace inspection. I don't know which bank is involved, but some will pay for repairs and/or concessions. You will have minimal closing costs if you pay cash versus had you taken out a loan. What's typical for a cash transaction are a title insurance report, recording fees, you may owe property taxes (we pay back 6 months and forward 6 months), HOA or condos dues (usually they will collect a year upfront), homeowner's insurance, escrow fee, etc. You will also have to pay for all inspections and any/all repairs if not done by the bank. If you call the titlei company you are closing with, you can ask them for a preliminary closing cost estimate. Lastly, hire a Realtor as a buyer's agent to represent you. Banks are paying commissions to selling agents (your buyer's agent). Ask this bank if they will do the same. All the best but you best hurry in order to get the First Time Home Buyer's Tax Credit --- must close by November 30th.
Betty Jung, Broker, RE/MAX equity group, inc.