If your looking to pay cash for a house, generally what could you consider cutting off the listed price?

Asked by Eric Hattery, Laceys Spring, AL Sun Dec 5, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Greg Lyles, , Atlanta, GA
Fri Dec 10, 2010
Nothing. Paying cash is a common mis-belief among buyers. You still would perform the same due diligence, including an appraisal, inspection, title search, etc. And the seller always end up with cash in the end so there is no advantage to the seller.
Web Reference:  http://conradlyles.com
1 vote
Sally Grenier, Agent, Boulder, CO
Sun Dec 5, 2010
As Phil & Anna mentioned, it doesn't really matter if you're paying cash or not. The seller wants to get fair market value. Your Realtor can help you determine what that amount is. A cash offer is definitely more attractive to a seller if you are bidding against someone else. (i.e. if two buyers are bidding on a house and one is cash and one is FHA loan, the seller might lean more toward the cash offer, even if the FHA offer might be higher). Good luck!

Sally Grenier
Web Reference:  http://www.sallygrenier.com
1 vote
Melia and Ol…, Agent, Rancho Santa Fe, CA
Sun Dec 5, 2010
Phil and Anna answered your question...I'd just like to add that a cash offer is a stronger offer. It means there is no loan contingencies and it can also come with a 15 day closing date (in CA) which makes cash attractive. Cash offers do not necessarily mean the seller will accept any price under asking.



Melia
melia@prusd.com
Prudential CA Realty
Web Reference:  http://www.oliverindra.com
1 vote
Phil Rotondo, Agent, Melbourne, FL
Sun Dec 5, 2010
Good Afternoon Eric;
Whether you are paying cash or financing, it's all cash to the owner.
Have your Realtor take a look at comparable sales in the area, ask your Realtor to find out from the listing agent how motivated the owner is and proceed with an offer.
Web Reference:  http://www.321property.com
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sun Dec 5, 2010
There are no set standards as to how much less to offer, cash, or not; however, be aware of recently sold similar properties in the immediate area, after reviewing the data, a detemination as to a fair bid can be made --what is your agent advising--keep in mind that if a property is priced on target for today's market, or slightly below, multiple offers may occur.
1 vote
Camille Love, Agent, Cullman, AL
Fri Dec 10, 2010
Hi, Eric,
As you do not state what amount of cash you are speaking of, it is difficult to give you the information that you might really need.
If you have 75K to spend, and the home is listed for 70K, then that is an easy answer; Everybody loves you!
If you have 75K to spend ant the home is listed for 95K, then you will have to be to negotiate with the Seller.
As someone has mentioned, people would like what is the fair market value for their home.
In our area you can buy a nice home for these prices.
In a cash sale there are less fees to be paid, which are reflected in the closing costs.
In any sale there are closing costs that will need to be negotiated.
Unless you are a contractor, you should have a certified Home Inspector go to the property and do an inspecton report for you. Then you will know the true state of the structure.
You will also want to have an Alabama Wood Infestation Report done by a certified and licensed company.
Both of these things should be done to protect your interest, regardless if it is a cash sale, from an FSBO or a Real Estate Listing or a bank forclosure.
Sometimes it makes more sense to pay part down and finance the rest.
Currently you can have a $60K mortgage and the payment is only $288.00 a month.

Please let me know if you need any assitance, I am in your area.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more