Very simply put - Most banks will not lend money to finance a house that is a cash only deal. Generally speaking, either the home is not in the best shape or the community does not meet certain guidelines.
Ian A. North
305 467 1881
I agree with all of the other comments, there are many good homes on the market ,i'm shure you can find another home that's not "cash only" .
Let me know if i can help you find it.
Dont want to overpay and find yourself in red.
I agree with the answer below that often when a property is listed with the phrase "cash only," it means it needs a lot of work. If however, you are not afraid of doing the work in order to get a great deal, you can still sometimes purchase these. You need to find out from the listing agent if a rehab loan would be acceptable. Sometimes they say yes, even though they put "cash only." Then you need to get pre-approved for an FHA 203k or 203k streamline loan.
If you would like contact information for lenders who can do these, or if you want to know more about them, please get in touch. Good luck!