This is not an answer but a correction to my question, the "cash offer" is contingent upon the COMPLETION of the sale of her home, plus our realtor stated she did check with her bank and could receive a loan for an addt'l 10-20,000 if needed...does this make any difference as to which is a better offer?
If you go with the cash offer you will have to take your home off of the market until the buyers home sells. There is always the possibility that the buyers home won't sell. You will have taken your home off of the market and lost valuable exposure. If the FHA buyer has strong financials than go with the FHA offer.
good afternoon.....robin's advice should be well taken...fha first and the cash sale could be positioned to be in contract continue to show if the fha deal goes sideways..also...it is probably very infrequently...but an fha purchase could be conditioned on current home selling...best regards...bob mcclure- first preferred mortgage- southfield, michigan.....
Contingent on sale of their home many questions your listing agent needs ask regarding this property. If the homes does not sale you may have LOSS out on the FHA loan which does not require any other property be sold.
As a listing agent we use those types of sales offer contingent as a back up offer
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I agree with Gerard. If the cash buyer doesn't sell, you have no money, as apposed to getting the FHA loan funded at closing. There is nothing wrong with an FHA loan as long as you have nothing in your home that would be considered a safety issue that you are not willing to fix.