Do I have good chances of buying a home (100% cash) 15-20% under market value?

Asked by Alex110, Hollywood, CA Tue Oct 27, 2009

I am planning to buy a home in Southern California for around $250,000 (all cash). But the homes that I am looking at (REO) are priced at around $290,000 to $310,000. What are the chances of me getting such a home when I buy all cash?

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Emily Knell, Agent, Huntington Beach, CA
Tue Oct 27, 2009
I think you will find deeper discounts for an ALL CASH offer with Short sales rather than REOS. If you can find a short sale where there is 1 loan 1 bank involved or 2 loans 1 bank involved, you will see the discount you're looking for.

It is entirely possible.
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John Villaes…, , California
Tue Oct 27, 2009
You will be able to buy home, I work with buyers just like yourself. I have found that you not only need to make many offers with your agent but also try to concentrate on properties that regular buyers cannot buy(fixer-upers) because you will have a much higher chance at getting the home at a lower price. You just can be too picky when trying get a better deal than a steal.

John & Sarena Villaescusa
Cell- 562-818-2671
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Richard Schu…, Agent, Los Angeles, CA
Tue Oct 27, 2009
The reality is, there are a lot of all cash buyers at that price range. It always depends on the particular home. Every house is different. But in general most properties in that price range are getting multiple, offers and going at or near (or even above)asking price. Also, in general, banks will not look at offers more than 3-5% below asking price. If the property remains unsold, they may lower the asking price. There are many exceptions for heavily damaged properties. Please contact me if you would like to discuss this further, or look at properties.

Richard Schulman
Keller Williams Real Estate
(310) 482-0173
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