Home Buying in Moyie Springs>Question Details

Dave Underwo…, Home Buyer in Moyie Springs, ID

would paying cash help in paying less than asking price?

Asked by Dave Underwood, Moyie Springs, ID Sun May 5, 2013

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This question was asked from this property: http://www.trulia.com/property/1071860083-469-Curley-Creek-R…

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3
Steve Parsons’ answer
In some cases yes. When paying cash, financing is assured and there should be no problems getting to settlement. The seller may take less knowing this fact. Contact a local REALTOR and make an offer on the property. The worst that could happen is the seller could say no.
0 votes Thank Flag Link Sun May 5, 2013
In my experience, yes, cash is king! As a listing agent, when a cash offer is presented along with proof of funds to close, it will often beat out competing higher offers that have financing contingencies.
0 votes Thank Flag Link Mon May 13, 2013
Psychologically it has a bigger impact than financially since if you were getting a bank loan to buy it, the banks check (or wire transfer) is worth the exact same monetary value. If the typical buyer would be buying with FHA or VA financing, it could save the seller some closing costs but typically not a huge amount.

The old saying of one in the hand is worth two in the bush applies however since there are less moving part that can go wrong with a cash offer so that has some intrinsic value.

On a cash sale, you aren't "required" to get an appraisal so that saves the negotiating that cost and with a log home like that, who knows what a bank's underwriter would find in their fine print to object to or at least question.

Paying cash will save you the loan origination fees, mortgage title policy and a few other costs.

Best of luck!
0 votes Thank Flag Link Sun May 5, 2013
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