Photos are courtesy of Fickr.
Cash is king in my book and as you know the Real Estate market around the country is continuing to flounder. Prices in Broward County continue to drop and many deals that are in contract don't even make it to the closing table... so there is nothing more gratifying than cash buyers.
I'm not sure if all cash buyers are educated enough to know what they will need and how much preparation it really takes to close on a purchase in this day an age and I hope they realize that this could be the largest transaction they will ever make in their life. Some are being misled as to what they really can qualify for and some just continue to shop around for different rates once they are in contract and do not realize that they just extended their closing date without amending the contract. With a cash deals you have fast closings.
It is hard enough for a Realtor(R) to close any deal in todays market but if you are lucky enough to make sale without any financing involved then you just might as well consider it a done deal. That is what we have been lucky enough to do over the last three months. "I love these type of deals".
My partner Steve is our buyers specialist and has had numerous referrals coming over from Canada and he has been working feverishly showing them anywhere from 30-40 properties in 2 week clips. Now the reason he is showing them so many properties is because there are so many available and these buyers know exactly what they want. These people are not real estate investors. They fly in from Canada just to preview these properties and then they fly back and we begin negotiating. They know the community and they know most of the people who live there. They know that the community provides every convenience they will ever need.
This most likely will be their last stop in life as this is an adult living community in Deerfield Beach. It is one of the most popular places for adult living in Broward County Florida so we want to make sure that they are comfortable and happy with our services.
We have been getting a few referrals there. We have closed on many seasonal rentals and some even turned into a few purchases later on. Over the last 3 months we sold 4 condos in the complex and today I am proud to tell you we have another closing today...YAY ...it's pay day! The best part of it is that I do not have to worry about someone calling me to say that they need an extension to close because of loan issue. Why?...well I mentioned earlier that these deals are cash deals and any other issues that could come up have already been nipped in the bud. We even had one that closed in 2 weeks...probably the fastest deal we ever closed. That is what you call.... one of those fast closings.
We are also working a buyer who wants to do a 1031 exchange...he is from New York and I scouted out properties in Hollywood Beach for him and we have an offer in place and I am pretty confident it will be accepted..another cash transaction.
So if you can some how be fortunate enough to have one of these deals then run with it and have fun. I know I am grateful. Today is a great day in Real Estate for us...a closing!
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Neil,
Cash is the king of all, I know it doesn't help me that much with cash buyers, but it's still nice to hear there is business out there....
Tom