Short Sales And Cash Buyers
Cash is King and Cash Buyers are often treated like Royalty. There is great buying power when shopping for real estate with cash, but does it apply in a Short Sale situation? The process takes significant time and most Cash Buyers use short time and their ability to close quickly to negotiate a good price. With that gambit taken off the table by the time constraints of a Short Sale does the Cash Buyer get the benefit of their cash position that they are seeking?
The benefits of cash are not lost on lenders reviewing a Short Sale package. They understand that the sale has a higher percentage chance of closing than does a sale requiring a new loan. In the latter type of transaction there are many uncontrollable factors that can doom the escrow. The potential for job loss or transfer by the buyer/borrower is real these days and occurs more frequently than we all care to admit.
Loan program or policy changes can also affect the viability of a loan even if it is in progress. Cash Buyers minimize such risk.
Our Advice: The Cash Buyer must be clear on what she is trying to accomplish. Is it buying the right house at a great price, or must it be a steal to get her to part with her cash? There is a fine line between great price and steal.
It is important to not trip over dollars to save a dime. If the home has ever
ything you want and need then appreciate the fact that your cash buying power is getting you the separation from the rest of the market enabling you to be able to buy the home you want without paying more than the next guy. This latent savings is a benefit and should be recognized.
Use your cash wisely, but don’t lose opportunities because you don’t use it. Incredible investment opportunities are plentiful these days, but they will only return to those that invest. Don’t find yourself talking in 2013 about what you could have bought in today… but didn’t. Be a wise Cash Buyer and don’t be afraid of the right "Short Sale" situation.
When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com
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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com
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