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Old 08-25-2017, 06:51 PM
 
10 posts, read 2,476 times
Reputation: 11

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Me and the wife are looking at homes in Bella Vista. We found one that is nice and will fit our needs. We went back for a second look and it was under contract but it was with an escape clause. The contract had a contingency of the buyers home selling. They would have 72 hours to come up with the money if someone like me who is a cash buyer makes an offer. I am at a bit of a loss at where to make the offer. I feel cash deserves a bit of break on price. How much under the asking would you offer on this situation?
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Old 08-25-2017, 09:36 PM
 
Location: Ozark Mountains Arkansas
1,270 posts, read 751,795 times
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Why do you think cash deserves a break on price? The seller receives the same amount on their check whether you're cash or taking a mortgage.
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Old 08-25-2017, 10:01 PM
 
508 posts, read 419,750 times
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^^^^this is so true, as cash is not always king for the seller. Most buyers with a mortgage don't care how much they pay, just make sure the payments are adjusted to be low and as long as possible. Works on high $$$ cars also.

Bottom line, make the same offer as the mortgage offer, just close quicker.

Goog luck and welcome to nwa.
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Old 08-25-2017, 10:11 PM
 
Location: San Diego / NWA
514 posts, read 248,836 times
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If I was the seller I would not kick someone out of escrow for a lower offer.

Also, the 72 hr clause is likely that the buyer remove the contingency that they had to sell their house first not that they had 72hrs to come up with the cash.
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Old 08-25-2017, 10:44 PM
 
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I did not really want responses form people who did not understand the process. First off the 72 hours means that the people who have the contingency on their home selling most likely do not have cash to buy the home. This means they have 72 hours to get a loan and if you knew what you were talking about you would know just to get the house appraised will take a week or two. I can close in two weeks and that is because of the title company. Second Cash is king in that I am not tagged to a bank that needs to jump through hoops such as appraisals and surveys and all the other things that take a couple of months to go through. Good god this site is full of such BSers.
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Old 08-25-2017, 10:47 PM
 
Location: Ozark Mountains Arkansas
1,270 posts, read 751,795 times
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Quote:
Originally Posted by cameltrain View Post
I did not really want responses form people who did not understand the process. First off the 72 hours means that the people who have the contingency on their home selling most likely do not have cash to buy the home. This means they have 72 hours to get a loan and if you knew what you were talking about you would know just to get the house appraised will take a week or two. I can close in two weeks and that is because of the title company. Second Cash is king in that I am not tagged to a bank that needs to jump through hoops such as appraisals and surveys and all the other things that take a couple of months to go through. Good god this site is full of such BSers.
I'm a licensed real estate agent. The 72 hours is to remove the contingency. I usually put 48 hours on contracts.

It doesn't take a couple of months for a conventional loan to close. Often can close in 30 days. Offering cash is a great guarantee that you will close without being hung up or denied a mortgage, but in the end, the seller's check is no different.
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Old 08-25-2017, 11:00 PM
 
10 posts, read 2,476 times
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Quote:
Originally Posted by Hollynla View Post
I'm a licensed real estate agent. The 72 hours is to remove the contingency. I usually put 48 hours on contracts.

It doesn't take a couple of months for a conventional loan to close. Often can close in 30 days. Offering cash is a great guarantee that you will close without being hung up or denied a mortgage, but in the end, the seller's check is no different.
We are not talking about the end result that is just ridiculous to think that is even what was being talked about. A loan can close if they can get a loan without selling their home which very well may have a mortgage on it. You can close in 30 days if all is in place. I highly doubt all is in place. I would bet even if one could get a loan you are much more than 30 days to close. I would say more like 60. I also doubt they would buy a home with out selling their existing home. Cash gets rid of all the red tape. All it takes in one domino to fall wrong in the chain and it all comes apart. With cash its easiepiesy.
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Old 08-25-2017, 11:03 PM
 
Location: Ozark Mountains Arkansas
1,270 posts, read 751,795 times
Reputation: 2736
Quote:
Originally Posted by cameltrain View Post
We are not talking about the end result that is just ridiculous to think that is even what was being talked about. A loan can close if they can get a loan without selling their home which very well may have a mortgage on it. You can close in 30 days if all is in place. I highly doubt all is in place. I would bet even if one could get a loan you are much more than 30 days to close. I would say more like 60. I also doubt they would buy a home with out selling their existing home. Cash gets rid of all the red tape. All it takes in one domino to fall wrong in the chain and it all comes apart. With cash its easiepiesy.
Good luck!
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Old 08-25-2017, 11:07 PM
 
10 posts, read 2,476 times
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Quote:
Originally Posted by Hollynla View Post
Good luck!
You don't need luck when you have cash. LOL
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Old 08-25-2017, 11:10 PM
 
Location: Ozark Mountains Arkansas
1,270 posts, read 751,795 times
Reputation: 2736
Quote:
Originally Posted by cameltrain View Post
You don't need luck when you have cash. LOL

too bad you can't buy a better attitude.
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