Answers (8)
- Sonny Jimenez, "TexasRealtyPros"
- Contributions:16
What ever you do, make sure you get TITLE INSURANCE from a reputable company, such as Fidelity National Title or Chicago Title.
- user7187414
- Contributions:2
I truly appreciate all the advice you all are giving me. I have a much better understanding over the situation. I did see the property before requesting information on it. The house has no A/C and heater, there are no light fixtures.The seller agent said "The home is a forclosure.The seller is looking for a cash buyer.Let us know if you have any questions." He also included his contact information.My fiance and I are hoping with all the needed repairs the seller would drop the price with time.I don't think too many buyers would be intersted in the property because of the work needed on, as well as it being in the country.
- Pat Pribisko, "Pat Pribisko"
- Contributions:2009
Unfortunately, as a first time buyer, you are starting out with some bad news. A seller can put any price on a home and can say they want cash only. And, that's the way it is. I suggest that you find a buyer's agent to represent your interests. A buyer's agent's fee is at no cost to you, as the seller pays the fee for both agents.
- Tom Fredella, "Tom Fredella"
- Contributions:35
It sounds like you definitely need some solid advice on this property and who better to get it from than a nearby Realtor. It strikes me as odd when you only got one word answers back, did you leave a phone number for them to contact you? Did you ask for their phone number? Alot of people that are just kicking tires email vague questions with no phone numbers so hopefully they took you as a serious prospect. Did you drive by this home? This home may need alot of work, you need to go see the home and this is where it's also handy to have a Realtor with some construction experience not to do a formal property inspection but they would be able to tell you "hey you'd better get a certified inspection". These type homes also may want to be sold fast where there is no time for traditional mortgaging and waiting to line up property inspections to try opening negotiations. I'm working a property like this now on the water in NJ. The owner wants a fast cash sale and is taking as is buyers before any others. He put a deadline on receiving offers and in two weeks is already in attorney review I have extensive construction backround as was able to tell my client the home appeared structurally sound but needed severe updating. The gold orange pink and green kitchen and bathrooms had to go, along with the shag carpet.
- Dale Ross, "HomesOfKatyTexas"
- Contributions:20
Great answers so far. We sell a lot of homes and have seen both sides to a situation like this. My advice is similar to B Mike West's. Eliminate the stress and contact an agent and give them the address. It costs you nothing and you are under no obligation for one of us to do a little research. In a matter of minutes we can cut through the thick of it and give you a concise analysis.
Take yourself out of this and think about it if a friend told you what you told us. 1st time buyer, buying a foreclosure and seller wants cash. Wouldn't you recommend them to find an experienced person to help?
It's no cost and no obligation trying one of us. You will eliminate the stress you are going through by having experience in your corner. Like another agent said it costs you nothing as the seller pays for it.
Take yourself out of this and think about it if a friend told you what you told us. 1st time buyer, buying a foreclosure and seller wants cash. Wouldn't you recommend them to find an experienced person to help?
It's no cost and no obligation trying one of us. You will eliminate the stress you are going through by having experience in your corner. Like another agent said it costs you nothing as the seller pays for it.
- Kim Scott, "MoveWithKim"
- Contributions:27
Typically cash only homes are homes that would not qualify for financing for some reason. In Houston, the most common reasons are missing appliances, missing AC unit, or serious structural or foundation issues. If you are a first time home buyer, these homes may be more than you are wanting/willing/able to repair. If you would like some further assistance in finding your first home, please contact me I would be happy to help you.
Thanks and good luck!
Thanks and good luck!
- wetdawgs
- Contributions:39649
Request for cash only buyers (probably with "as is" stipulations) suggests that there is something wrong with the house so it won't pass inspections so won't qualify for financing. There are a lot of foreclosures like this.
- B Mike West
- Contributions:309
This looks like a RED FLAG! If the seller is looking for cash buyers the chances are that there is something going on with the property that will not allow it to qualify for a loan. (Lender requirements are an added protection for the buyer because they can help a buyer avoid buying a home with problems that could cost a fortune to fix down the road.)
If you are a first-time home buyer you should enlist the expertise of an experienced Realtor. Find a local Realtor that you trust and have them guide you through the minefield of home acquisition. Talking directly with listing agents is not prudent. They already have a contractual agreement with the seller to get the most they can for the property.
Having your own Realtor costs you nithing because the seller is paying the commission.
If you are a first-time home buyer you should enlist the expertise of an experienced Realtor. Find a local Realtor that you trust and have them guide you through the minefield of home acquisition. Talking directly with listing agents is not prudent. They already have a contractual agreement with the seller to get the most they can for the property.
Having your own Realtor costs you nithing because the seller is paying the commission.
forclosure where seller only wants cash
I've searched around and came across a forclosed house (which is not price like one). I really like it and am interested. I emailed the agent the seller has in charge of the house for details and the only detail I received was the seller wants cash buyers.Please give me some advise.I'm a first time home buyer. I' m aware that I need to get pre approved but this cash deal just confused me more. PLEASE HELP..
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