Foreclosure in Sacramento>Question Details

lylyluvda916, Other/Just Looking in Sacramento, CA

how can i offer a bid on a home if i plan to pay cash?

Asked by lylyluvda916, Sacramento, CA Wed Mar 6, 2013

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8
Did you hire one of the eight agents that correctly answered your question?
0 votes Thank Flag Link Sun Mar 24, 2013
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
It would be same as if you have a Loan as far as contracts go you will just have a few less lines to fill out on your RPA (Residential Purchase Agreement). Cash is still king but know that there are more cash buyers in play then you think especially on homes under $300k in the greater Sacramento Area. As many of my fellow REALTORS have mentioned you need an experienced Buyers Agent to help you with previewing homes and submitting offers. Buyers Agents are at no out of pocket expense to you as the Buyer and will help to ensure you have proper contracts in place (and that the seller has properly disclosed any issues) to that you have more confidence in your purchase.
If you would like to ask any other questions in private let me know eddie@bhrparkplace.com or 530 320 3032 DRE#01324382
0 votes Thank Flag Link Thu Mar 21, 2013
It depends on the house and its' comparables. We are experiencing low inventory so in some cases you will need to offer over asking but the trick is by how much. The good news is that your cash offer will most likely beat out offer conventional and FHA offers. But, you will need to beat out the other cash offers. Hire a strong agent, with a track record, that can assist you with the terms. Sometimes the creative terms are what seals the deal :)

I work with buyers, sellers and investors. :)

Sincerely,

Michelle Thompson
Executive Associate Lyon Real Estate
Top Achiever Member
916-804-2981
michelle@askformichelle.com
0 votes Thank Flag Link Wed Mar 6, 2013
Consult a realtor If it is a property that is not being sold via public auction. You can call the agent on the listing or contact your own agent to represent you on the buyer side. As stated in previous posts, there is no charge to the buyer for agent representation. Also, expect to bid competitively for the home in this market where cash buyers are plenty and homes are selling above asking prices.
0 votes Thank Flag Link Wed Mar 6, 2013
When you say "bid" are you planning to submit an offer on a property
that is for sale, or are you considering placing a bid on a property that
is going to be auctioned? If you are looking to place an offer on a
property then the other agents are correct, the basic process is the
same whether you are paying cash or getting a loan.
If you are going to be submitting a bid at auction then there are
several things to consider
1) auction rules----they vary, but if it is a foreclosure auction you will
need a certified check in hand to submit if you are the successful
bidder. Some auctions do allow you to finance your purchase.
2) Who is the "seller at auction" and what liabilities might you be
assuming?
3) can you inspect the property----frequently homes at auction will
not be available for any inspections.
Good luck to you
0 votes Thank Flag Link Wed Mar 6, 2013
As a cash buyer you should, with the right Realtor, and a CMA, Comparative Market Analysis be able to save thousands if you don't get your heart set on a particular property. No emotions. Plan on putting bids in on several homes a good prices for you.
Call me if you have questions. i will tell you the technique.
No charge or obligation of course.
Lloyd 817-471-0221
0 votes Thank Flag Link Wed Mar 6, 2013
There is no cost to you to be represented by a real estate agent. It is important to have someone who is experienced and knows the market to increase your chances of getting your offer accepted.
Feel free to contact me if I can be of any help.
Good Luck
0 votes Thank Flag Link Wed Mar 6, 2013
First find a Real Estate agent... Second figure out the price you want to offer... Third sign the offer (RPA)... Provide all the items needed to the agent (proof of funds, check, etc)...

If you have any additional questions please ask...

Thank you very much...
0 votes Thank Flag Link Wed Mar 6, 2013
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