This year in Prince William County (VA) I've been involved in five cash transactions. Most people think of cash deals are geared towards the cheapest properties in the area. My transactions have ranged from $280,000 to $450,000 and have covered short sales, foreclosures and new construction.
Should you pay cash just because you can? The only person that can answer that question is you. However you should also talk over a cash offer with your financial advisor or accountant as well. There are times when carrying a small mortgage may make more sense than depleting your cash on hand.
If you are thinking of using available cash to fund a purchase remember that you don't have to give up any of your rights in a Virginia Regional Sales Contract. Many sellers are more inclined to accept a cash offer as it doesn't carry some of the same financing concerns, however that does not mean you should automatically waive the appraisal or home inspection contingencies.
Appraisals are meant to protect you no matter how you are paying for your new property. In today's market where prices vary widely, even in one neighborhood, making sure that you are getting what you paid for is still important. The same is true for a home inspection. If you are using a significant portion of your available cash to buy a property and then discover that the roof is shot or the plumbing bad you might find yourself wondering what you've gotten yourself into.
Though "cash is king" it doesn't mean overpaying for a house or buying a lemon.
If you are considering buying a home in Prince William County or any of the surrounding Northern Virginia communities give me a call at 703-346-2213. Whether you are paying cash or financing your new home purchase I can help you find the best deal in today's market. No hassle, no pressure, just straight talk about buying a home.
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