Ways to get around cash only sale?
Decent home for sale cash only. Any ways for a buyer to satisfy some of the advantages that a cash seller gets while at the same time the buyer uses a mortgage? We are aware of a property that was offered for sale cash only for fifty seven thousand, on the market for a long time for obvious reasons, then under contract, then back on the market and then finally sold for forty seven so the seller ended up getting ten thousand less. This one seen now they are asking eighty and only an investor has that kind of cash though the owners are a couple with different last names, male and female couple who also live there so not a couple out of state in an obvious need for one hundred do or die cash only. Any way around this by satisfying any of their advantages on a cash sale? .
The one hundred above should have been one hundred per cent do or die cash only.
well look for yourself and find the defects. It does not say cash onlt there but it does on other listings.
- Anonymous6 months agoFavorite Answer
Tread carefully as there is a reason they want cash only. I suspect the property is unmortgageable. Maybe it's subsiding or the title is questionable.
- 6 months ago
If it's a 'cash only sale'..............you pay cash or look for another place to buy.
- curtisports2Lv 76 months ago
If the seller wants cash only, there are several good reasons why.
1. They don't have the time to wait for a buyer to get a mortgage. They need cash fast.
2. The property has major condition issues that would require fixing before a bank would give someone a mortgage, and the seller doesn't have money to make the repairs.
I once had power of attorney for someone who had a property that needed to be sold and closed quickly, the property was in need of major work and was on the verge of being condemned by the town. A fast, all-cash sale was needed and that's how it was sold. The buyer had a major issue with a collapsing foundation wall and did not see the profit they expected to. The house was sold as is, with no guarantees. It didn't sell for a lot of money, but if didn't sell when it did and the town condemned it, it would have cost money to raze it and haul away the debris, more than what the empty lot was worth.
- A HunchLv 76 months ago
The only benefit to cash is that the property closes quicker.
I would surmise they are offering a cash only sell because it's a significant fixer upper and would not qualify for a loan.
- How do you think about the answers? You can sign in to vote the answer.
- MaxiLv 76 months ago
Properties are offered for cash only as the property would not attract a mortgage, ie no mortgage lender would loan on it as there is too much wrong with it......... so the answer is no there is no way around that
- realtor.sailorLv 76 months ago
The first sale was cash only because most lenders won't loan less than $75,000. As far as the resale there could be a variety of reasons; overpriced, won't pass inspection or the seller hasn't done anything to it and is trying to make a profit.
- InLv 76 months ago
It should make no difference to the seller where the money comes from because he gets paid at closing the same way whether it is cash or financed. The seller is looking for a quick sale and frankly there are probably structural, legal, or other issues with the property.
- Beverly SLv 76 months ago
Most likely reason for a cash sale only is that the house won't pass inspections/appraisal etc. so the buyers won't be able to get a mortgage.Source(s): Mortgage lender 33 years.
- David B.Lv 76 months ago
You should consider finding a hard money lender.
- 6 months ago
They want cash because closing is quicker. They get no other real benefit. They get paid the same either way.