Cash is always attractive to sellers for some very practical reasons. Cash eliminates the sellers distress as to whether his buyer will qualify for a mortgage. Banks have really tightened the requirements for committing to loan money to everyone. Not being able to obtain a mortgage allows the buyer to walk away from the contract and forces the seller to start all over again. In this market the strongest buyer is the cash buyer. If the seller is in financial distress, weeks matter! There is a fine line between getting out by the skin of your teeth and financial disaster requiring a short sale or foreclosure. Sadly. many sellers that originally bought at the top of the bubble are now finding themselves in trouble.
Wesley Avenue is a desirable location. Four bedrooms condos rent well in Ocean City. They also rent well in the winter! Be aware that although the average rental commission on the island is 12% to 15%, Weichert Realtors- The Asbury Group only charges a 10% commission. Over the summer rental season that can really add up!
As a Certified Short Sale Agent, I would welcome the opportunity to help you get the most out of your cash!
Joanne Bernardini, 609-947-2451