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cash buyers are the BEST

Getting a loan is so unpredictable that you never know if the deal is going through until the closing date.

A cash deal is a very simple and easy transaction for both the buyer and the seller.  How can we change the financing process to make it as easy as a cash deal? 

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November 14 2012 - Rio Vista
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Profile picture for SoCal_Engr
"A cash deal is a very simple and easy transaction for both the buyer and the seller. How can we change the financing process to make it as easy as a cash deal?"

Really? The reason a "cash deal" is "so easy" is because the buyer is assuming 100% of the risk. The minute you involve other-people's-money, you are shifting/sharing risk - and the process is bound to be more difficult.

To make it as predictable as possible? Minimize the risk to the lender. Stay away from the edges. That means things like buyers have sufficient income/reserves/down to meet all requirements, buyers aren't maxing out DTI ratios, offer price is within local comps, etc.

I've never experienced a "don't know until the closing date" scenario, but we've always stay "away from the edges" when we purchase.
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November 14 2012
In my experience, the best way to avoid last minute hangups during a financed transaction is to work with a loan officer who is on top of his or her game.  Understanding what is required in order to secure a loan and guiding the buyer goes a long way to avoiding last minute pitfalls.  


Chad Gray PA, Realtor
Luxury Living Fort Lauderdale
Coldwell Banker Residential Real Estate
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November 15 2012
A cash deal CAN be very easy, etc.  I just had a career first happen this morning--got a text from the selling agent at 6:30am--where an all-cash buyer that has already removed all buyer contingencies on a property I listed is going to be cancelling escrow today.

As with all real estate transactions, you can never know what is going to happen, until the file is closed :)

Best wishes from So-Cal and good luck
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November 15 2012
 
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