Trend shows seller to pay all closing costs, I would like a discount for Cash no mortgage. How much can it be brought under 250
2006-12-05 01:33:46 · 6 answers · asked by pepper 2 in Business & Finance ➔ Renting & Real Estate
alamo can you be more specific in yourer middle paragraph? and get a e-mail add.
2006-12-05 02:11:17 · update #1
Unless the seller is actually going to finance the house for you, I don't think it would matter to them whether you are paying cash or financing a mortgage through a bank. The sellers will get their money regardless.
Jim7368 - watch out, you'll probably get a nasty e-mail from pepper for your answer just like I did.
2006-12-05 01:43:09 · answer #1 · answered by Julie F 4 · 0⤊ 0⤋
It has some value.
It automatically keeps one contingency(Mortgage) out of the purchase and sale agreement. This makes your contract look much more solid from the beginning. It also shows that you are able to purchase the property and a seller might look at your a low offer more seriously. Cash deals can also close much faster, which may be a positive for a seller.
That being said, some sellers need a certain amount out of the sale of their property, and a cash deal is NOT going to change that.
Depending on your area, that deal seems like a possibility.
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Middle paragraph? (Talking about the sellers needing a certain amount out of the sale of Property)- I think this is what you were talking about.
Say you buy the home for $250,000 and the seller has a mortgage for $240,000. Say there are closing expenses of $15,000. It will now cost the seller $255,000 to sell the house and they are only getting $250,000. Therefore they must come up with $5,000 cash just to get away from the house. If they don't have $5,000 cash they can't sell their home to you for that price.
That is very simple explanation, but there could be many more possibilities depending on the situation of the seller.
If that was not what you were asking about, please be more specific, and I will do my best to answer your question. If you want to provide your email, I will shoot you an email with my address. I will not put my personal info on here.
2006-12-05 10:08:35 · answer #2 · answered by Anonymous · 1⤊ 0⤋
There are many variables here that are not known. The benefit of a cash buy is that there is no risk to the seller that the deal will fall through for lack of financing. There is no other benefit to them. Therefore, negotiate your best deal at the beginning.
Put yourself in the seller's position to determine the value of having a no mortgage buyer. What is the risk of waiting say 2 months and have the deal fall through? How much more in real estate taxes, utilities, etc. How badly do the sellers want to sell? Are they living in the house now? Why are they selling? Have they placed an offer on another house they want to buy? Is that deal a good deal for them? How badly do they want that other house? Can they afford two mortgage payments?
I'd fiind out as much as I could about WHY they are selling the house. That will give you an idea on how important a cash buyer is to them.
2006-12-05 12:58:55 · answer #3 · answered by Jim7368 3 · 1⤊ 0⤋
Well - like they say: MONEY TALKS - & CASH BUYERS ARE ALWAYS WELCOME WHEREVER THEY GO. BUT i TELL YOU THAT if seller lets it go for $250K cash - that' already a good deal. Now you say you want it for less than $250K -Well, maybe they might consider it - or maybe not. Depends how desperate they are to sell and leave. You should negotiate with the seller & find out what his limits might be. perhaps suggest to him if he'd consider - say - $240K -and see his reaction. or let seller make a counteroffer for all-CASH - quick sale.
the seller has the sole prerogative to decide how low he want to sell for. ALL - CASH is a factor - but up to a limit - as part of the overall deal.
why don't you first decide what is your best offer at an ALL-CASH price and work off of that? Remember that seller doesn't want to get burned - either. Maybe someday you'll be selling your home and you'll be in the same position and so try to see it both ways.
I still think that if you get it for $250K all-cash and he pays closing costs., that's NOT SO BAD AT ALL !!!!! Really not so bad.
If I've helped -thank you for a good rating.
2006-12-05 09:48:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It gives you lots of negotiatin power! The advantage to the seller is #1, it's a done deal, #2, No waiting for 30 days so buyer can get financing, no anticipation of waiting to see if something goes wrong...and if does, then they'll have to find another buyer, then go through the financing again, then possibly having to go through it again!!
Oh, you shold be able to do it! You better move quick. If he has a buyer now, by the time you make that offer, the buyers about to close on the loan! You'll eliminate the urgency by waiting!
Make sure you bring a briefcase filled with cash...so he cant say no!!! JUST KIDDING! HAHA! Make sure you get a clear owners title policy!!!
Run, FORREST RUN!!!
2006-12-05 14:33:15 · answer #5 · answered by ALEGNA 3 · 0⤊ 0⤋
My course teaches you how to get that house for $245,000 and even get cash back from that.
Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred's of thousands of dollars. The key is to do as much work as you can on your own.
Did you know that you can make $40,000 + on a house, and never even own it?
Take a look at my website - I just put it online last month -
Please realize that Flipping Houses is not a "Get Rich Quick" Scam!
Do as much research as possible before starting on your first flip -
http://www.learntofliphouses.com
Kind Regards and Good Luck!
Adam Monforton
2006-12-05 10:29:02 · answer #6 · answered by p3mofo 2 · 0⤊ 3⤋