Home Buying in Brooklyn>Question Details

Perry-lynn, Home Buyer in New York, NY

My husband and I can pay all cash, but sellers aren't that eager for our business

Asked by Perry-lynn, New York, NY Tue Nov 25, 2008

My husband and I recently sold our brownstone in Manhattan and want to buy a Brooklyn condo or co-op in an all cash deal, but sellers and developers are not impressed. We both thought that our not needing financing in today's market and having a quick turn around time would be attractive to sellers. Can anyone enlighten us as to why this is not the case? It used to be that all cash meant something, including seller eagerness and even a buyer's discount. Please explain, if you can, why the attitude about all cash is so different today.

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5
P-L,

Are you working with a real estate professional? An agent will be able to provide guidance regarding many issues, including fair offers that are based on solid comps.

If your approach has been to simply throw numbers at the seller without validating them with both accurate and current information, you will likely meet with continued defeat.

Since most buyers are not realistically aware of the real value of their homes, they need solid facts to bring them back to reality. Low offers today should be validated with supportive information.

Good luck
0 votes Thank Flag Link Wed Nov 26, 2008
Wait another year, save another 20%. Sellers will be more desperate--especially those with loans that will reset. Good Luck
0 votes Thank Flag Link Wed Nov 26, 2008
Cash purchases are attractive to sellers. Please keep in mind that the price is only one of the terms of the contract; are you offering terms agreable to all? Also remember that the seller gets a check at closing no matter how the buyer pays.

Is your Buyer's Agent giving you adequate information and assistance in helping you structure your offers? Is your agent treating the Listing Agent and sellers with respect?
This may seem trivial but human beings tend to try harder to get the deal worked out when they perceive the other side to be congenial and pleasant.

Good luck in your quest;
May you find a happy home!
Web Reference: http://www.mariatmorton.com
0 votes Thank Flag Link Tue Nov 25, 2008
What percentage of the purchase price are you offering with your cash offer? While cash can certainly sway an offer your way if there are multiple offers that are close....the bottom line comes down to your offering price vs value. What does your Realtor have to say about this?
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Tue Nov 25, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
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good evening...they may not think you are sincere......also...usually w/ a cash offer......they want a lg. earnest money deposit..so they can keep it if you default on the terms of the p.a..........if you are dealing w/ a builder......do not use his title co.use another one...and that title co's for-sale-by-owner-pkg...they will be more objective..read every word of the bulider's p.a...if you do use his..it is different than most realtor p.a's...because they hide costs many times that are not consistant w/ the usual real estate co. p.a.'s.......do not give any earnest money deposits to anyone but a title co. or a reputable realtor..even if it is the bulider's realtor.........never to a builder......lastly....i am sure you can buy an existing house for much less than you can buy a new one.......i hope that helps...bob mcclure- mortgage now- farmington, michigan.....
0 votes Thank Flag Link Tue Nov 25, 2008
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