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

By
Real Estate Agent with Coastal Properties Group International - Christie's International

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. 

 

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

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Tags:
appraisals
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st petersburg real estate market
buying a home in st petersburg

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Rainer
136,834
Charlie Gantz
Keller Williams Commercial, Tampa Bay - Saint Petersburg, FL
J.D., M.B.A.

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.

Feb 07, 2012 01:30 AM #1
Rainmaker
1,518,712
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

I can see in a mutiple offer situation with a reasonable price where cash will talk. A lowball cash offer is not the same.

Feb 07, 2012 01:30 AM #2
Rainmaker
177,612
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

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.

Feb 07, 2012 01:46 AM #3
Rainmaker
613,092
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS

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. 

 

Feb 07, 2012 04:38 AM #4
Rainer
150
sally schoepke
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
Mar 06, 2012 02:47 PM #5
Rainmaker
613,092
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS

Hi, Sally,  Those are good questions for an attorney.

Mar 07, 2012 10:19 PM #6
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Rainmaker
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Sharon Simms

St. Petersburg FL - CRS CIPS CLHMS RSPS
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