Yes, cash does matter when buying a home in St Petersburg, Florida. Historically, sellers didn't give price concessions for cash unless time was critical to them. For most sellers, it didn't matter if their proceeds came from the buyer or the lender.

Today, well priced properties in St Petersburg will often have multiple offers. In most cases, the St Pete seller will accept the cash offer rather than the highest price. Of course it depends on the difference in price as well as other factors. The mortgage process is taking longer, a preapproval letter means less when "The Underwriter" adds conditions for either the buyer or the property, and too many appraisals - generally ordered through appraisal management companies - are coming in well below the contract price. 

 

 

6 Comments on Does cash matter when buying a home in St Petersburg Florida?

FEB
07
2012
117,842 Points 1 Featured Post

I agree with your premise--cash is always preferred.  Like the Jimmy Fallon commercial, who doesn't want more cash.  A cash buyer is a gem.  Cash eliminates contingencies, whether it be applying for a mortgage, or having to sell another property before buying the present property.  Charlie Gantz, Greenwood, IN; Principal Broker and Owner of Atlas Property Group, LLC.
9:30am • #1
802,685 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I can see in a mutiple offer situation with a reasonable price where cash will talk. A lowball cash offer is not the same.
9:30am • #2
177,110 Points Outside Blog

Cash is king. Sometimes mortgages fall through for a variety of reasons. Yes, a cash deal is preferred and may save some money to the buyer.
9:46am • #3
600,380 Points 45 Featured Posts Outside Blog

Thank you, Charlie, Gary and Erv, for the comments.

Charlie - cash doesn't eliminate all contingencies, but it does eliminate a lot of them. Hope to see you blogging again soon.

Gary - Yes, a lowball cash offer is a different animal. I should have added that caveat.

Erv - the buyer may save some on price and will save on closing costs. 

 
12:38pm • #4
MAR
06
2012
cash is king but what about this scenerio: help! i am in the middle of a divorce trial, soon to be ex just obtained an accepted offer on a seller financed home in Florida, paid earnest money with marital funds, flew down yesterday, home inspection today....he does not know i know and i doubt agent and seller know about the divorce and my interest. as a realtor, do you owe duty to the seller to prevent a closing, as i have a right to enforce a lein- even a sale?. would it not be a cloud on title? i believe the closing will occur before we are divorced
10:47pm • #5
MAR
08
2012
600,380 Points 45 Featured Posts Outside Blog

Hi, Sally,  Those are good questions for an attorney.
6:19am • #6


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