Hello Lakisha and thanks for your post.
My pal, John Juarez, said it best in stating that whether it's cash or a mortgage, the seller doesn't really care because he is paid the money with a loan or a cash offer. The only time the "cash" issue becomes very important is when two buyers are both bidding about the same price and one is cash--in that case, the cash buyer wins because he/she can usually close more quickly AND there is no need for a loan. And, yes, Tina is right that a seller may--again, when faced with two offers on a home--accept a small discount in the price if the offer is all cash, but I think 5 percent is a bit much in this market.
Cash buyers are also desired when a home is in very poor condition because there are always worries that the home might not be able to be financed if in very poor or "tear down" condition.
If you're looking to live in the more popular or more desired sections of Santa Clara or in a single family detached home, a price of $325,000 is unlikely to be able to afford this type of housing. However, townhomes or, more likely, condominiums could be possible in a bit--especially if our market continues to abate.
So, first rule of business, hire a great agent to assist you, and then keep looking. A home purchase is not so much a "race" as it is a "marathon" and the ones that keep looking and keep going week after week are the ones that also get the homes. Good luck!!
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