.It's not true!!! I got FHA 203K loan so I can buy houses in bad condition but agents don't want give me change to buy some specific house in Denver area, they want only cash. Rich become richer and middle class without big cash can't buy some houses. I found house(bank owned) (bank who get bailout) of my dream easy to fix all problems to obtain FHA policy. They don't want even talk about this. What answer is " ONLY CASH. " So regular people have no same change make offer to buy cheap houses.
Carol Ann Sargeant, e-PRO Realtor
H& M Realty of Polk County
Cash sales have quick closings. Cash buyers who can give proof of funds will buy the property. Those who have to obtain a mortgage, although they may be PRE qualified, may have last minute problems that "disqualify" either the borrower of the property for a loan. While property is in the pending status awaiting the loan process to work through, the Seller might miss another CASH offer; therefore, Seller doesn't like to take the risk of a mortgage sale not being able to close.
Just because the listing says CASH only, IF you have excellent credit, a significant down payment, & are willing to do any repairs the house might need for the house to qualify, you might make an offer anyway - sometimes in certain circumstances people change their minds.
Ask your personal Realtor for their advice in a specific situation.
Also, they can close alot faster with a cash deal then with a mortgage.
If the house is in a state of disrepair, ei no heating, bad roof, it cannot be financed with
a regular mortgage.
Good luck with your offer!
If I can be of any help, please feel free to contact me.
You never know until you ask! Put the offer out there, and see what they say!
If I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!