Michael Chio…, Home Buyer in Jersey City, NJ

what does cash purchase only mean?

Asked by Michael Chiong, Jersey City, NJ Wed Sep 5, 2012

hello I do not see this auction on auction.com is it because its not listed there yet ? also when it says cash purchase only does that mean you have to put the full amount down or is 20% enough

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This question is about this property: http://www.trulia.com/property/3090638002-50-Overpeck-Ave-Ri…

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4
Cash purchase means dont waste your time trying to get a lender pre-approval for that property because the sellers will only accept CASH as the means of payment for the property.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
lbaez@weichert.com
0 votes Thank Flag Link Thu Sep 6, 2012
Michael

Cash only means just that. It means you may not purchase a house using a mortgage you must have the entire purchase price in cash.
This often happens with the bank owned properties, or homes at need total rehabilitation.
Sometimes it's just an estate sale where the seller just doesn't want to take the contract when a mortgage is involved.
Just as a side note the link you posted is for home that was already sold. Please feel free to give me a call at 908-675-0167 or email me at prumarynj@aol.com and I can answer some more questions for you to help you understand what's involved and perhaps help you find a home.
0 votes Thank Flag Link Thu Sep 6, 2012
The seller does not want to get into a contract where the buyer is unable to complete the purchase due to failed financing. This is likely because the property is in poor condition and banks will often not lend on properties in poor condition. There are special loans for rehab purposes, but the seller may not be willing to entertain that either.
0 votes Thank Flag Link Wed Sep 5, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
cash only means just that . Seller wll not entertain any offers that rely on a mortgage to pay for the property. Various reasons for that but the most common is that the property is in sufficiently poor condition that it will not qualify for a mortgage.
0 votes Thank Flag Link Wed Sep 5, 2012
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