Financed offers have lots of ?....will it appraise, is it livable without working AC? Can you get a loan? Does anything change between now and the time you close, like do you loose your job and then can't get a loan....so financed offers have risk too. Every house is "as is" but that does not mean you can't ask for repairs. Many people do, even the lender can require repairs.
I always say there is more to it than just cash and credit. How fast is the closing, how much earnest money, how much option money, what kind of option period. Is the house insurable, is it financable, what's the profiles of the buyers?
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Cash offers can gain footing because of removing the possible danger of the buyer's loan not being approved or the home not appraising for the contract amount.
To keep pace with cash offers, buyers should always be prepared to submit a "pre-approval" letter from your lender with the offer. This sould give your presentation a higher level of credibility in the eyes of the seller. Consider taking any other position that will catch the seller's attention: quick closing date, shorter inspection period, higher or secondary escrow amounts, etc.
I hope this information is helpful.
I've seen CASH offer presented by folks who didn't have a dime.
I've seen CASH offers presented by folks who did not control the money.
I've seen CASH offers from folks who had no intention of buying the house.
Now, in Pinellas County Florida 60% of sales are CASH! (According to the Pinellas REALTOR Organization.....and my experience)
That said, I've seen all the suits cash offers wear.
A home seller, such as a FSBO, is in real trouble if they can not spot the predators from the shelter seekers.
As others have stated, price is only one element in the purchase offer. What I advise sellers to assess most closed is the assurance of closing. That means Chase, Wells Fargo and Bank of America gets kicked to the curb FIRST!
Best of Success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
Consumer Advocate/Exclusive Buyer Broker
#1 Best Selling Author of Buying a Home: Don’t Let Them Make a Monkey Out of You!
However, having said the above, it not necessarily to the seller's advantage to take your offer. They may chose to work with the cash offer especially if it's close to what you are offering. Plus, cash offer typically doesn't involve appraisal and can close quick. Again, consult your realtor, I'm sure she has more detailed info that can shed more light.
Susie Kay, Realtor® & Certified Stager
Residential, Commercial, Investment
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!