In todays economy and market situation I am seeing more and more properties receiving offers for cash. I like cash, as a matter of fact I love having cash in my pocket but a cash offer scares me. I myself have a piece of land for sale that is being sold....hopefully .... for cash. Not having any tangible commitment is nerve wracking. I like not having to worry about someone qualifying for a loan but not knowing if they can and will actualy pull the trigger on the deal makes me feel as if I do not have complete control of the transaction. If you have proof of funds, which we do, it is ok but not a warm and fuzzy feeling.
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005
Hi Eric. I too have received more offers for cash.
Perhaps investors looking to scoop up properties on the cheap??
Good luck and thanks for writing,
Ken
Oct 11, 2009 09:31 AM
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team
Hi Eric.....Most of the transactions that my team members handle are cash transactions.....most of our subdivisions are age restricted (55+) and 95% of those transactions are cash deals.....we take a 10% deposit....once they sign a purchase and sales agreement, that deposit belongs to the builder, if the buyer does not close....The deposits range from $30,000 to $40,000.....Within the past 3 years, one couple did not perform, and they lost $65,000, and we resold that house....I love cash deals.....no bank to contend with and no appraiser!!!
Oct 11, 2009 09:39 AM
Rainmaker
91,596
91,596
ERIC TRAUTMANN
I Know NJ, I Sell it Everyday!
Service Areas
Real Estate Resources
Helping the home buyers and home sellers of New Jersey and real estate agents find the information they need to survive buying a home or selling a property.
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