All Cash Offers Only! Better than a Financed Offer?

First of all the bank does not care if you are an "All Cash offer" or have a Loan. The bottom line for getting an offer accepted is $$$$. I have seen offers accepted just because they are $500.00 over an all cash offer. Asset mangers are "Bean Counters" plain and simple, bottom line. In fact I have seen where if you are paying "All Cash" it can be a detriment. Meaning they will ask that you remove the appraisal contingency, will not complete "any repairs including termite etc."  and also demand close of escrow in 15 days or less. Seems strange but it is a reality here in So. Cal.

We are in a whole new era of buying, the counter offers are written by the banks/servicers lawyers and are air tight, and the banks take "As Is" very seriously. If there is mold so what, health and safety issues too bad, deal with it. So my point is maybe you should hang on to that green stuff and get a loan! Most loan guidelines will require a termite clearance and Health & Safety issues addressed and the asset mangers know this. All Cash is not the King it once was. Low ball offers are pretty much filed in the trash can, unless there are house issues no lender would finance, then you have shot, better get a good contractor estimate.

Home Value's with today's technology is a science, and they've got it down to the dollar. The asset mangers know the values and it is their job to get every penny. 

Just a little food for thought for todays buyers!

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October 12 2011 - Murrieta
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Answers (3)

Cash offers can close faster with less mental anguish for all.  Just depends on the circumstances of the Seller and if the real estate agents are able to properly advise their clients based on the facts of that specific offer.  The sales price is not the only factor that adds or subtracts to the bottom line.  All things must be considered to reach the best deal for the clients.  One cannot deal with assumptions such as in this matter.  Cash offers do, however, insure that there will be no underwriters involved in the deal and therefore removes considerable doubt from the Sellers' mind as to whether all parties will come to the closing table as a result of the inability of the Buyer to be approved for the loan.
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October 12 2011
Here in MA, cash is king.  We are seeing cash buyers who know they're in the drivers seat.

In multiple offer situations, a cash offer that's lower than a higher financed offer will get responded to first by a listing agent who wants to see if they can get the cash buyer to come up.
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October 12 2011
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I'm not buying that. An all cash offer of equal value to a financed offer will get signed faster every time. The bank wants their money out and for them time is money. If they can get a good all cash offer without contingencies they will take that over a FHA offer full of stings in a heartbeat.
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October 12 2011
 
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