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If properties are bank or real estate owned how does someone get around "cash only offers?"

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February 07 2009 - Uncasville
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It probably needs a lot of work and priced so low that they WILL get cash offers.  The only way you will get there attention with a 203k loan is by paying significantly more than everyone else, or wait a week or so after its listed and see if they're are not accepted offers.  Then they might open up there options.
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February 26 2009

this is just a quickie for Eric... I know the post is old... but I hope you have taken some classes ... your comment is so off the mark...

Cash means just that Cash.... no if ands or buts...

I you are obtaining a loan, you are in a contigency factor in wait for the bank to appraise and loan on the home and on the borrower... in no way is this cash...

There are deals out there were only cash is acceptable, especially with bank owned properties, for even though there are FHA 203K re-hab loans the bank ususally (not always, ususally) will not wait and again wants cash...

Typically again cash means cash...

Good luck

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February 25 2009
Usually, it means that the Seller and/or Seller's agent believes that financing cannot be obtained on the subject property because of it's distressed condition, ie. missing plumbing, leaking roof, etc.  

The simple answer is that they are wrong.  Financing is always available to those with acceptable credit and there are relatively common programs available from virtually all of the larger banks that are tailored specifically for purchases of this type.  The most notable one is called a  FHA 203K or rehab loan.   Be wary as few real estate professionals are familiar with the needs and requirements of a buyer involved in such a transaction and few mortgage lenders despite having access to these programs know the ins and outs to make things work.

Ask both the agent and mortgage lender you are working with straight out how well versed they are with 203K type loans and if they don't seem up on the subject, I would move on.  There are agents and lenders who know these products well and you will be doing yourself a great service to seek them out.
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February 24 2009
getting your own financing or paying full cash is the way it works. But if your asking how to scam them into option contracts or land contracts no money down deals you are watching too much late night tv get rich in real estate programs. 
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February 11 2009
I've always found the term ambiguous and have seen it used in the sense of Azrob and Ohiosmitty.
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February 10 2009
The 'cash only' properties that I've seen are homes with serious and expensive repairs. They are frequently boarded up homes. And under Minneapolis housing code, any home that hits the boarded up or condemned list needs to be brought up to full code compliance, and not just a lipstick job. (Think LOTS of money). Lenders are unwilling to finance properties that will require investing 4 to 5 times the purchase price just to make the home habitable. They know they will just get them back in the next foreclosure.
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February 07 2009
most bankowner/REO properties are not cash only. Most will definitely take a loan. THe ones that are advertised as cash only are generally in condition that will not pass a loan appraisal, and hence cannot get financing at all.

so, to get around the cash only requirement, don't look at the ones that say 'cash only.' Either that, or gather up a bunch of cash.
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February 07 2009
From what I understand, if you're obtaining your own financing, you are paying them cash.
Usually, cash only means that they are not doing any owner financing or seller carrybacks.
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February 07 2009
 
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If properties are bank or real estate owned how does someone get around "cash only offers?"
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