If you are paying Cash it will cost you more!
I have written a few post in the past about how cash does not get you as much of a discount as Cash Buyers might think. I have also posted on the fact that many properties that only want cash are often already discounted in price.
However, cash does have advantage in some cases, but it will not get you a discount, it might even cost you more.
In this market certain properties will get multiple offers. Often these properties will go for over asking price – sometimes well over asking price. When you have cash you have an advantage.
Cash can close quick. All things being equal the cash offer will get the property over the financed offer. However, most sellers will go with the highest offer, even if financed. There is one problem with High Financed offers; they often will not appraise and then the potential buyer is stuck having to ask for a price decrease or finding more cash to close the deal.
A Cash Buyer can pay what they have offered without having to worry about the appraisal. This does not mean you should not make a careful evaluation of what the property is worth to you, but you do not have to worry about low appraisals.
So as a Cash Buyer you have an advantage in getting the offer accepted, but it may cost you more!
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