What does that mean excatly when they state “cash only sales”? Does that mean if I get approved for the 100% of the purchase price they must have it all at closing? Thanks.
Usually this means that they (the seller) do not want to wait the 30-60 days that it takes you to obtain bank financing.
So even if I am approved for the 100% of the funds, for a very low mortgage, it still might take 30 to 60 days? Are’nt there places that specialize in fast loans?
Yeah, those are the subprime guys. Usually you buy a house it takes about 6-7 weeks to close. About 10 days for a home inspection a few more for the P&S and you’re up to two weeks. Then another 30 days for a regular loan. That’s 6-7 weeks.
Now if you’re subprime, those banks are hungry and would LOVE to lend you money at 8-10% so they’ll get it done quick before you change your mind or come to your senses. Those guys could probably close in a week or two.
Oh, there’s also hard money lenders which can also do a few weeks or less and I think those are 14% and up.
Anyway, haven’t really seen any listings for cash only sales around here. Doesn’t really make sense because if someone really needs the money, they can refinance or just list at a very low price for a quick sale. People know it when there’s a bargain out there and I see those go in a week or two so no need to list cash sale only. Usually those say a certain bonus if closed before a certain date.