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I have bought several homes. One was even a new one with a builder that held a note which was a different twist but all had mortgages. I am not at the stage of doing this quite yet but may in the future. I will certainly use a realtor.
I have bought several homes. One was even a new one with a builder that held a note which was a different twist but all had mortgages. I am not at the stage of doing this quite yet but may in the future. I will certainly use a realtor.
Good to hear that my suspicions were wrong. My apologies.
Some have the notion that 'paying cash' for a property will gain them special concessions. That's not really the case, except where there are multiple bidders and the seller is looking for a fast closing.... or, perhaps, when the buyer is paying MORE than the property would appraise for (or the bank would loan). Otherwise, the seller and Realtors receive the same amount of money, regardless of how the buyer chooses to pay.
It greatly reduces the number of people involved and if I dont get the special concessions that I want then I can walk away.
If the buyer has all cash, the escrow company can get everything done, title insurance issued, deed recorded in a couple of days. Say 1 week to do it all.
I just closed one with an all cash buyer. Escrow was 3 weeks, because that was when the buyer had time to move and I needed the 3 weeks to get all my stuff out.
My son closed an all cash sale just today. His was worked around the buyer's vacation and his mortgage payment date and it was about 2 1/2 weeks to close.
Closing date is negotiable.
If you don't have cash when the escrow opens, you are going to have to prove where you are getting the cash from. If you are cashing out your IRA, for example, you will find out how long that will take, and you make your offer with enough time to get that all done.
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