cash buyers: When Cash isn't King!
- 09/05/13 08:36 AM
It used to be that cash was king; a cash buyer could jump to the front of a multiple offer line confident that his/her under-the-asking price offer would prevail. Don't get me wrong, a cash buyer is always appealing to a seller because it usually means a quicker escrow and often no appraisal contingency, but from my experience, unless that cash buyer is offering very close to what a conventional buyer is offering, most sellers will go for a longer escrow period and the risk of a failed escrow with a conventional buyer, in return for a higher sales price. How can a cash buyer prevail against conventional and other cash buyers? If possible, your agent should contact the … (3 comments)
It used to be that cash was king; a cash buyer could jump to the front of a multiple offer line confident that his/her under-the-asking price offer would prevail. Don't get me wrong, a cash buyer is always appealing to a seller because it usually means a quicker escrow and often no appraisal contingency, but from my experience, unless that cash buyer is offering very close to what a conventional buyer is offering, most sellers will go for a longer escrow period and the risk of a failed escrow with a conventional buyer, in return for a higher sales price.
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