Is it a good idea to pay cash for a property, be it forclosed or short sale ?

Asked by Alassane, Cleveland, OH Tue Jan 6, 2009

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Bill Eckler, Agent, Venice, FL
Tue Jan 6, 2009

Everyone likes the term "cash." It offers a secure feeling that brings people together when doing business. When dealing with real estate transactions, the significance of cash is that it can speed up the closing process, a language that most of today's sellers understand clearly.
1 vote
David M. Chi…, Agent, Uniontown, OH
Tue Jan 6, 2009
I prefer to keep my cash and would take a loan with these great interest rates today. It would also depend on the amount for me to pay cash. If it's around$10-15k, I would probably pay cash. Good luck and have a great 2009!
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1 vote
David Wakeman, Agent, Strongsville, OH
Tue Jan 6, 2009
Buying a home for cash is a good thing. It really doesn't matter whether you are buying a short sale, foreclosure or owner occupied property. There are fewer concerns for the seller and they are more likely to negotiate with you.

David Wakeman
RE/MAX Classic
(440) 212-5007
1 vote
Dallas Texas, Agent, Dallas, TN
Tue Jan 6, 2009
Speak with your CPA or financial planner short/long term goals. seller still nets the same on cash offer vs. loan. EXCEPT cash offer close faster than loan.
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0 votes
John Wirsing, Agent, Pepper Pike, OH
Tue Jan 6, 2009
Hi Alassane-
On any offer, cash makes for a stronger offer because the seller has two ver obvious less concerns-
No need to worry if the Buyer can get financing
No need to worry if the property will appraise for a loan.

If the plumbing is missing from a home, as happens so often, a normal bank loan will not be possible,. Her, you will need to do a FHA 203(k) loan.
If you would like, I can set up a search for you that will identify the type of homes that you are looking to purchase with CURRENT information, fed directly from the Multiple Listing Service. This will give you fresh info on the NEW listings when they come out & also on any PRICE REDUCTIONS when they occur.
If you have been looking at foreclosed homes recently, you are probably aware that these bargains are being snapped up so quickly lately that you need to lierally move on a HOT buy within a few days.
Being notified AS SOON AS THE LISTING BECOMES AVAILABLE is a huge advantage.
Best of all, my services are at NO COST to you. My fees are paid for by the SELLER, generally.
As a Cleveland area Realtor, I am familiar with the market & would like to work for you.
Please call me at 440-487-2193 or e-mail me at
John Wirsing
Kelller Williams Realty Greater Cleveland
0 votes
Trey Miller, , Tampa, FL
Tue Jan 6, 2009
I think cash gives you an advantage in a short sale or bank-owned because there is no financing contingency. The banks always want the cleanest contract possible and the fewer contingencies the better.

Good luck!

Trey Miller
Prudential Tropical Realty
0 votes
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