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Burke : Real Estate Advice

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  • Home Buying12
  • Home Selling2
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Activity 24
Mon Aug 11, 2008
Susan Wesely answered:
I'm sorry that you are in this situation, and, unfortunately, don't know a good attorney in that area. However, please don't throw the baby out with the bath water! From your post, I assume you want the home, are ready to move in, but are annoyed and inconvenienced by this delay. If you walk and don't close somewhere else immediately, your hotel and storage costs could be MUCH worse! You could try asking the bank to reimburse you - it doen't hurt to ask! best of luck! ... more
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Mon Apr 6, 2015
Karen Wenzel, e-PRO answered:
Aziz,
A cash offer is where you know that you have the financial means to close on the transaction- absolutely.
You either have a letter of credit from your lender, or documentation that whatever property you choose that you can get financing for it.

Your offer would not be "contingent" on you getting financing. This makes it very strong to the Seller, and puts you in a very good bargaining position. You will need though to provide your agent with documentation that you, in fact, have access to funds to close which he/she would present with your offer.

I have done this many times - with clients and personally. When you may be in a competitive situation with other offers, a Seller may be more inclined to accept your offer rather than one "contingent" on the buyer getting financing, even if your offer is for less money (in some cases)

All the Best to you!
... more
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Tue Jun 22, 2010
Margo Ramsey answered:
That is a chancey game to play. Suppose you fall in love with a home priced at 275K and the sellers won't come down to your price range? You've set yourself up for disappointment. Also, don't forget when taking into account how much you have to spend the closing costs. These cover a great range, depending what you're including, but you can probably count on around 10,000 for that price range. What I tell my buyers where we're at is "You own the house, the house doesn't own you. If you have to sacrifice in other areas to make mortgage payments, then perhaps you should reduce the amount you're willing to spend on a house. Good luck ... more
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Wed Mar 4, 2009
Monika Kumar answered:
Mary, How long have you owned and what are your long term goals from real estate? There is lot more that I can write here but has to be your situation specific!! In general, as recommended over and over; 5+ years is the key to possibly some appreciation. If you are willing to be Landlord for at least 6+ years, you may walk away with some money BUT again there is significant math involves when you are considering being landlord for that time period! If you feel it is too much hassel then you won't repent at least for next 6 years that you sold.:) OK now it is generic ; what is your location, again that may change things for you little bit here and there and what you own. So Please add few comments so myself and fellow Realtors can provide specific help! Regards, Monika ... more
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