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So many houses are getting bought with full cash offers. Mortgage contingencies or sale of current home contingencies used to be a given but now they can’t compete with all cash offers. Makes it even harder to get your foot in the door
Agents tell me this all the time, but I find it to be somewhat unethical. This is a huge risk. Even if you went through underwriting, there is still some risk.
I find that only certain markets have this “all cash offers or nothing” situation. I tried buying there, but I was not competitive. It’s a bummer, but it is what it is. So I just went elsewhere and then I was treated like a strong buyer with my offers with a normal 20% down mortgage. So the first question I’d ask the agent in a new area is what’s going on there with cash offers and whether my 20% down mortgage is competitive. In some markets, people looked at me like I was crazy for asking because mortgages with 20% down are expected and totally fine.
I don’t really know what the theory behind these massive all cash offers is, but I guess this is just extra influx of ppl from NYC with massive savings or just loaded people from NYC who decided to move to suburbs after trying to save for 50% plus down payments for coops with massive cash reserves requirements.
Yeah, cash is king. A lot of sellers want the certainty because they need to sell before they that can buy elsewhere
Yes