Home Buying in 89102>Question Details

Karmen, Home Buyer in Outside U.S.

Is there an advantage in a full cash offer on a REO home over someone elses offer who will be carrying a loan?

Asked by Karmen, Outside U.S. Sat Feb 28, 2009

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Many factors go into the decision, and some depend on the bank holding the property. Being an owner occupant for example will hold more weight than an investor in some cases, but not all. Cash does make a difference too. When there are multiple offers, it's not uncommon for the bank to choose the cash offer even if it's slightly less than the offer contingent on financing.
0 votes Thank Flag Link Sat Feb 28, 2009
You can close faster, Your offer needs too be supported by bank letter you have cash on hand close.

Seller still nets the same.

Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
– Lynn A. Crosby
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 28, 2009
Yes. The full cash offer will be stronger because of the present economy. Loans can fall out any time.
0 votes Thank Flag Link Sat Feb 28, 2009
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