Negotiating the lowest price POSSIBLE! Paying cash.

Asked by Erika, Blue Island, IL Thu May 12, 2011

I would like to buy a spacious condo in the suburbs close to Saint Xavier University where I'll be attending college and living for at least the next ten years. I am looking to move on or after July 1st, and looking for a place to buy now, my price in cash will be NO more than 100,000. I understand that the properties I'm looking into will be pricey, but how can I negotiate a lower price, even on newer townhomes?

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3
Gerard Carney, Agent, Spring Hill, FL
Thu May 12, 2011
What does paying cash have to do with anything, it only says that you can possibly close quicker. All sales will get full price as stipulated in the contract at closing so cash means nothing.. Cash in buying a home does not mean you can offer less because you have cash, Cash does not mean you have leverage over a person seeking a mortgage. Cash just means that you can close quicker. As for what you can buy with your cash, well that is the same as anyone else looking for %100,000 or less, Remember this though most towe homes have HOA fees, so buying is not the thing you have to worry about, it is the long term obligation to HOA and upkeep.
0 votes
"Cash does not mean you have leverage over a person seeking a mortgage. Cash just means that you can close quicker." Contradiction? What if the seller wants $150000....has been dealing with crappy tenants....home just needs a few cosmetic repairs the buyer can handle....and can walk away in less than 2 weeks with 135000....

Not trying to undermine you just a question and a scenario. I'm in the process of buying a home (cash) and am in no rush. It seems you just need a bit more patience and the right circumstances to maximize your leverage with an all cash purchase.
Flag Wed Sep 18, 2013
John Juarez, Agent, Fremont, CA
Thu May 12, 2011
If you go to the grocery store with no more than $5 you do not expect to get $10 worth of groceries, do you? It works pretty much the same with real estate. Sellers like cash. But if there is not enough cash expect the sellers to spurn your offers.
0 votes
Deva Kaumba, Agent, South Holland, IL
Thu May 12, 2011
You can contact and hire an experienced agent who can negotiate on your behalf.
0 votes
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