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Started By
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cash offer question
Posted on 8/16/14 at 8:48 am
Posted on 8/16/14 at 8:48 am
I listed my house on Wednesday, had a showing Thursday, then a cash offer for full amount, as-is no inspection required, seller pays closing came in yesterday.
This is the first time I have been the seller, is there anything different with a cash offer (mostly thinking about closing) than a more traditional offer that I need to be aware of?
This is the first time I have been the seller, is there anything different with a cash offer (mostly thinking about closing) than a more traditional offer that I need to be aware of?
3
Posted on 8/16/14 at 9:54 am to TigerFanatic99
You don't have to worry about a financing contingency, and the closing can occur faster.
Did you get some sort of proof that the guy has the money to close?
Is real estate red hot where you are?
Did you get some sort of proof that the guy has the money to close?
Is real estate red hot where you are?
Posted on 8/16/14 at 10:07 am to TigerFanatic99
My wife and I are young into our careers and we lost out on 2 houses we were trying to buy because other buyers made cash offers (uptown New Orleans). It sounds like the biggest benefit of to cash offer is that even if it does not appraise at the agreed upon price, you are not stuck without financing. Sounds like if you prove this guy has the money, you are golden.
Posted on 8/16/14 at 10:35 am to LSUFanHouston
quote:
Did you get some sort of proof that the guy has the money to close?
Their realtor went to the bank with them and got a notarized letter verifying funds, and $1k in earnest money.
quote:
Is real estate red hot where you are?
It's a seller's market, but not seat of your pants flying. I think we got lucky with timing. The interior and especially the appliances were really nice for the price point compared to the other homes in the area.
LINK
was the listing. I just wanted to make sure that there isn't a common hitch with cash sells that I am going to fall into because it seemed too good to be true. We immediately signed the offer.
Posted on 8/16/14 at 10:41 am to TigerFanatic99
Oh, this is more than common for homes in that price point 
Posted on 8/16/14 at 10:42 am to TigerFanatic99
A 2,000+ sq ft home for $67,500 and you consider it a seller's market? What am I missing here???
Posted on 8/16/14 at 10:57 am to LSURussian
Trulia shows it weird. on the realtor's website it shows correctly, but Trulia just shows the total. It's 1350 finished sq. feet, 650 unfinished basement.
This post was edited on 8/16/14 at 10:58 am
Posted on 8/16/14 at 1:56 pm to TigerFanatic99
More homes have been bought with cash the past few yrs due to baby boomers down sizing, foreign investors and the rise of institutional real estate investors buying distressed properties and turning them into rentals, poor folks lost their homes when the economy tanked and now they have to rent the homes they used to own.
Posted on 8/17/14 at 11:34 pm to JoeMoTiger
Only $1000 in earnest money?
Why not $5000?
Why not $5000?
Posted on 8/18/14 at 6:49 am to matthew25
1k is just common.
Posted on 8/18/14 at 10:16 am to TigerFanatic99
quote:
Trulia shows it weird. on the realtor's website it shows correctly, but Trulia just shows the total. It's 1350 finished sq. feet, 650 unfinished basement.
So you got $50/sq ft vs $33.75/sq ft. for finished sq. ft.? Even if land is only worth $100 that's still crazy cheap.
Posted on 8/18/14 at 10:48 am to ItNeverRains
Elkhart, IN.
No offense meant to OP.
No offense meant to OP.
Posted on 8/18/14 at 11:03 am to VetteGuy
Wow, that seriously makes me want to move to Elkhart. I could basically retire today.
Posted on 8/18/14 at 11:09 am to Cold Cous Cous
IRC, that part of Indiana had a really tough time with the economy. Things are pretty depressed up there.
Posted on 8/18/14 at 11:15 am to VetteGuy
RV capital of the world. the city was on mainstream news channel for a year or two as the worst hit area of the recession. We actually bought it in august 2009 for 49,900, so we made out well on the deal.
The area is coming back, but yea, Elkhart isn't a great place, lol.
The area is coming back, but yea, Elkhart isn't a great place, lol.
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