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LOL. Well that's just a BIT harsh, don't you think?
My morals are just fine. What does the seller care where the money comes from? If I can't arrange the mortgage, then I'd pay cash. I'm failing to see how cash from a mortgage bank would be any different than cash from my brokerage to the seller at close. If you want to explain that to me instead of making a ridiculous accusation about my character, I'd love to hear WHY it would make a difference.
I'm not asking the question to "justify" myself, I'm genuinely interested in understanding why this would make a difference if all the risk was on me. Hell, I'd be willing to put it in the contract stating exactly what I intended to do. Seller gets all the benefits and none of the risk.
So do you want to be a little less of a jerk and make a thoughtful response?
The benefits of a cash offer extend beyond the simple likelihood to get an offer funded. It allows a faster timeline, and fewer concerns about things like appraisals, etc...
So to say "I have a cash offer," when in fact you do not intend to pay cash, is disingenuous.
And remember, the seller doesn't know you from Adam, and that brokerage statement could be easily faked to get you to take their offer, etc...
Put another way...if you were selling a house, and got a cash offer, and then found out the seller was trying to get financing, wouldn't red flags go up?
The benefits of a cash offer extend beyond the simple likelihood to get an offer funded. It allows a faster timeline, and fewer concerns about things like appraisals, etc...
So to say "I have a cash offer," when in fact you do not intend to pay cash, is disingenuous.
And remember, the seller doesn't know you from Adam, and that brokerage statement could be easily faked to get you to take their offer, etc...
Put another way...if you were selling a house, and got a cash offer, and then found out the seller was trying to get financing, wouldn't red flags go up?
It isn't just about the net result at closing.
Yes. Saying "I have the cash to pay" is much different than "I'm paying cash." If you tell me that you're gonna pay cash........but what I mean is I have the cash to pay, but I'm approved for a mortgage. That just seems off to me. You saying "cash offer" is enticing to me and jumps you to the front of the line. Then you say "oh, it'll be a mortgage after all." IDK, doesn't work for me if I'm the seller. Cash is cash.
From what I understand, it appears that most, if not all the contracts in the US, stipulate transactions in "USD."
My point is, this may be changing, in the not-too-distant future. If it does change, then speculators may have a whole new way to acquire property. This could make the "house of cards" all that more vulnerable...
Once this becomes popular, I see the US Gov't creating add'l rules & reg's dealing with cryptocurrencies...
The benefits of a cash offer extend beyond the simple likelihood to get an offer funded. It allows a faster timeline, and fewer concerns about things like appraisals, etc...
So to say "I have a cash offer," when in fact you do not intend to pay cash, is disingenuous.
Saying "I have a cash offer" means the prospective buyer is offering to sign a contract without a financing contingency. Nothing more.
(What if the buyer offered $1.2 in bitcoin?) Knowing full well the property is only worth 1 mil? ......
Why on earth would you give $1.2 million in bitcoin for a million dollar house when you could sell the bitcoin for $1.2 million, pay a million in cash for the house and put $200,000 in your own pocket?
You can sell bitcoin, can't you? Convert it into US dollars?
Some potential sellers may prefer Bitcoin if they think it will increase in price dramatically in the future. I am too risk averse to take that chance.
Why on earth would you give $1.2 million in bitcoin for a million dollar house when you could sell the bitcoin for $1.2 million, pay a million in cash for the house and put $200,000 in your own pocket?
You can sell bitcoin, can't you? Convert it into US dollars?
Oh, absolutely. But let's look at it from a current situation, where bidding wars are the new normal. Offer a million, and you're with everyone else that offers 1 mil. Offer 1.2mil, when you only have $30k cost base, now that may put you up front. (This is, providing, the buyer thought about investing in bit/doge when it was cheap.)
Anyway, the seller may want to retain the bitcoin, with the hopes that it goes up even more. If the seller is a bit of a gambler, this could be something they might be attracted to. (Especially if they're addicted to gambling.)
Right now, we know the US dollar loses value, via inflation. So, the seller might want to take a risk, especially if they're in a position where $1 million doesn't hurt or "make" them.
The IRS hates cybercurrency. You know why? Because they have ZERO control over it.
From what I understand, it appears that most, if not all the contracts in the US, stipulate transactions in "USD."
My point is, this may be changing, in the not-too-distant future. If it does change, then speculators may have a whole new way to acquire property. This could make the "house of cards" all that more vulnerable...
Once this becomes popular, I see the US Gov't creating add'l rules & reg's dealing with cryptocurrencies...
Any REA's that can chime in? Not specifically to crypto either...I can see why it wouldn't be common and why it might be cumbersome, but could one make an offer on a property in the US in Pound Sterling, or offer 1000 shares of Berkshire Hathaway, or Bitcoin?
Maybe it's more common for commercial properties?
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