You can make any offer you want for a property, however, if the property is an REO home in Fort Lauderdale, or anywhere else in the vicinity, you will find that cash offers below asking price are rarely, if ever, accepted.
Most of the time, offers begin at the asking price and move up from there. The bank will always accept the highest and best offer on an REO property. Also, banks are willing to wait for offers that conform to the figures they have in mind. So just because the bank receives a contract from a buyer, the bank is under no obligation to accept that offer.
Bands understand that a lower listing price will arouse interest of investors, so the banks dangle lower prices on the market. Then they wait for bids that raise that price.
While cash is always best for REO purchases, in today's competitive market there are typically many offers above list price on REO properties, and these are also likely to be cash offers.
If you are a cash buyer and you hope to buy a Fort Lauderdale home for less than list price, you may find that you will do better by making an offer for a home that is controlled by the owner of the property. Provided you make a reasonable offer, you are likely to receive a response to your offer within 48 hours.
In today's tightening market, do not expect a seller concession of much more than 4-5%. So while your cash purchase may not make a huge difference in the price you pay, at least, with an owner, you probably won't have to pay more than the asking price for your new home.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions