Home Buying in San Diego>Question Details

Bethany, Home Buyer in San Diego

Would a bank (for ex. BofA) be more likely to accept cash offer of 50K or cash offer 18Kcash/32K (BofA home equity approved line of credit)?

Asked by Bethany, San Diego Wed Feb 1, 2012

Would second offer be considered best offer due to the long term interest residuals BofA would be receiving from home equity line of credit vs. pure upfront cash offer?

Help the community by answering this question:

Answers

4
Hi Bethany,
Cash. If you need help looking for some great bank-owned properties, feel free to give me a call.

Thanks!
Sinead McAllister
858-205-5215
brokermcallister@gmail.com
0 votes Thank Flag Link Wed Feb 1, 2012
Cash offer without a doubt. The asset manager's performance is measured on selling assets at the highest price in the shortest time. The interest income the bank might earn would not figure into the asset manager decision.
Good luck,
0 votes Thank Flag Link Wed Feb 1, 2012
The bank would likely go for a pure cash offer as there are typically no "if,ands, or buts" assosiated with the offer other than the a short inspection contingency. If the offer with the line of credit was a bit higher (5k higher) the bank asset manager may take the risk and opt for the higher net price.

Best Regards,

Anton Weber
Broker
0 votes Thank Flag Link Wed Feb 1, 2012
You asked
"Would a bank (for ex. BofA) be more likely to accept cash offer of 50K or cash offer 18Kcash/32K (BofA home equity approved line of credit)?"

Cash is always king because they always ask for proof of liquid funds so they know that there is never a question of financing.

Dennis Smith, ABR, SRES, e-PRO, Realtor® CA DRE#00476662
CDPE - Certified Distressed Property Specialist
RE/MAX By-The-Sea
Web Reference: http://SanDiegoHomes4u.com
0 votes Thank Flag Link Wed Feb 1, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer