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Answers (16)
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
When the offer is written, you must disclose the financing options. Since cash is very strong for any seller, you would want them to know that first thing. Cash offers usually have to include proof of funds. My buyers offering cash have done very well in the negotiating process as there are advantages to the seller with a cash offer. So concessions being made upfront have a greater impact on a buyer since the offer is in fact cash. Good Luck!
- Robert Adams, "LVrealestateHELP"
- Contributions:318
We ALWAYS state it within the purchase contract and accompany it with the Proof of Funds and Earnest Money check. It is important to make them aware because it gives you an advantage over buyers that will require financing. The seller doesn't have to worry about the deal falling apart last minute for some unforeseen hiccup with the buyers financing.
Do you have an agent? If yes, they should have explained this to you. If not, I would highly recommend getting one to represent you. The buyer's agent's commissions are paid by the seller so you get professional representation for no cost to you (buyer).
Do you have an agent? If yes, they should have explained this to you. If not, I would highly recommend getting one to represent you. The buyer's agent's commissions are paid by the seller so you get professional representation for no cost to you (buyer).
- Pamela Smith, "azretirement"
- Contributions:45
In the contract you must state if it is a cash offer or financed. I suggest all my cash clients supply proof of funds with the offer. If they get into a situation where there are 2 offers at the same time, they have the advantage.
- Sandy Weed, Jr, "Sandy Weed Jr"
- Contributions:10
Let them know right away. A cash offer, large earnest money deposit, with a quick closing is a good way to get your offer accepted. This works really well with REO's
- Ofe Polack, "Ofe Polack"
- Contributions:1418
When you make an offer you have to disclose how you intend to pay for the purchase. There are buyers, even agents, who feel that cash is the best way to buy...I belief that the cleanest offer is cash, no contingencies and closing within 10 days. Cash by itself, does not provide the seller a great incentive.
- John A. Ramirez, "John A. Ramirez"
- Contributions:3
Right away when you place your original offer. It will only help you if they know you are paying cash and not financing.
- Devin Haub, "Devin Haub Remax"
- Contributions:29
Notify the seller immediately. If there are multiple people offering on the home, cash buys are almost always smoother and faster. Notifying the seller sooner rather than later could be the difference in getting an offer accepted or not. When offering cash you still have a due diligence period to get an appraisal, look through every nook and crany, and find out if the home is really for you or not.
- Wes Black
- Contributions:509
I agree with most of the responders. When you make your offer, show in your contract that cash will be paid for the home. But do get the appraisal to be sure you are not overpaying.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Early and often!
- Dan, "the_country_hick"
- Contributions:4699
"In this market you never know about bank mortgage approval and appraisal value." That means even paying with cash you include an appraisal contingency and then pay for an appraisal. It could save you a ton of cash.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2734
Why make a game out of it? You are making an offer........present it in its entirety.............highlight all the strong points........being a cash deal is certainly one of them. As a lisiting agent, I would expect to learn of all the details in an offer.....before giving a counter offer.
- Dave Matthews, "Dave Matthews"
- Contributions:14
Cash is king. In this market you never know about bank mortgage approval and appraisal value. I always encourage my sellers to lean toward the cash offer if it makes sense. On the buy side, I always let the seller agent know that the offer is cash.
- Mack McCoy
- Contributions:1117
How are you making this offer, verbally or in writing? Does your offer make any mention of how you're planning to pay for it?
- Michael Emery, "MikeEmery"
- Contributions:7298
An offer of cash shouldn't imply that the buyer is willing to overpay for the home.
An offer of cash erases the need for a finance contingency (which can kill a deal months after acceptance of the offer). And an offer of cash means that both buyer and seller can close far more quickly - often in as little as a couple of weeks. If the home is vacant or the sellers are under a time constraint, an offer of cash would trump all other offers.
An offer of cash erases the need for a finance contingency (which can kill a deal months after acceptance of the offer). And an offer of cash means that both buyer and seller can close far more quickly - often in as little as a couple of weeks. If the home is vacant or the sellers are under a time constraint, an offer of cash would trump all other offers.
- Georgescu
- Contributions:4
Thanks! I`m wondering if telling them up front would make the seller more resistant to accept an offer (i.e. if they have cash they must be able to pay the asking price?)
- David Barr, "dpbarr2000"
- Contributions:280
I tell buyers that a cash purchase is a very good way to leverage a negotiation. You should do it at the time you make your offer.
When is it best to reveal to the seller you`re paying cash for the house?
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