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Old 08-11-2009, 08:08 AM
 
10 posts, read 60,697 times
Reputation: 12

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According to my buyer agent (I've been looking to move because the taxes where I am are becoming unaffordable), being all-cash is still a definite bargaining chip.

Even a pre-approval is subject to the bank's appraisal of the house.

No such issue with a cash buyer.

And if a house is missing a CO for say a deck or a shed or a hot tub etc, that isn't an issue with a cash buyer willing to overlook it.

The realtor who told the OP that cash means nothing anymore sounds like an idiot.
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Old 08-11-2009, 09:46 AM
 
1,377 posts, read 4,974,474 times
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Cash is great and all, but there are people getting mortgages. the permit issues noted from the last post and time delay are the real benefits to a cash closing.

Much like others here. Asking price is irrelivant. Discount off asking is irrelivant. Actual "value" is really the only number worth thinking about. if the same house is listed for $250, and $450 and real value is at $400 in this market, then people are going to bid the $250 up to $400, and the $450 will be getting offers at $400. You wouldn't be overpaying bidding 60% over list on the one house, or 11% discount off the other.

If there are 2 higher offers that need mortgages, well you've just proved you underbid the house. Granted you may say they overbid, but apparently 2 sets of people agree its worth more, 3 if you count the owner. If the other couples have strong financial positions then I certianly wouldn't have a problem picking them over you for $10K, your cash isn't greener.
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Old 08-12-2009, 07:29 AM
 
405 posts, read 854,348 times
Reputation: 350
I would not back down, in fact, I'd tell them fine...turn down my offer. Then I'd offer 15% less and walk away. If there were two offers better than yours the house would have sold already, unless the sellers are just testing the market. This is a real buyers market, you can and will find another house.
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