Home Buying in 29045>Question Details

Wondering, Home Seller in 29045

Oh boy, we have 2 offers on our home. 1 is a FHA loan and the other is a cash offer contingent on the sale of their home. Any advice would be great?

Asked by Wondering, 29045 Tue Apr 13, 2010

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This is not an answer but a correction to my question, the "cash offer" is contingent upon the COMPLETION of the sale of her home, plus our realtor stated she did check with her bank and could receive a loan for an addt'l 10-20,000 if needed...does this make any difference as to which is a better offer?
0 votes Thank Flag Link Tue Apr 13, 2010
Wondering, my advice is: Listen to your agent.
0 votes Thank Flag Link Tue Apr 13, 2010
If you go with the cash offer you will have to take your home off of the market until the buyers home sells. There is always the possibility that the buyers home won't sell. You will have taken your home off of the market and lost valuable exposure. If the FHA buyer has strong financials than go with the FHA offer.
0 votes Thank Flag Link Tue Apr 13, 2010
good afternoon.....robin's advice should be well taken...fha first and the cash sale could be positioned to be in contract continue to show if the fha deal goes sideways..also...it is probably very infrequently...but an fha purchase could be conditioned on current home selling...best regards...bob mcclure- first preferred mortgage- southfield, michigan.....
0 votes Thank Flag Link Tue Apr 13, 2010
Contingent on sale of their home many questions your listing agent needs ask regarding this property. If the homes does not sale you may have LOSS out on the FHA loan which does not require any other property be sold.

As a listing agent we use those types of sales offer contingent as a back up offer

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Apr 13, 2010
I agree with Gerard. If the cash buyer doesn't sell, you have no money, as apposed to getting the FHA loan funded at closing. There is nothing wrong with an FHA loan as long as you have nothing in your home that would be considered a safety issue that you are not willing to fix.
0 votes Thank Flag Link Tue Apr 13, 2010
Speak to the lender for your purchaser to determine how strong the borrower is, and how far along they are in the process.

A FHA contract in hand -is much better then a cash offer - when and if the other party sells their home.

Why don't you suggest the other "cash" party gets approved for a loan - so they have a fallback position.

You don't care where the cash comes from - as long as you are paid at settlement.


Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, Virginia and DC
0 votes Thank Flag Link Tue Apr 13, 2010
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