Buying a house is CASH? does that buyer immediately have the upper hand to anyone going through the banks?
DjPiLL
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Re: Anyone ever hear of this?
Posted by skew
so what if i was buying from you? would you ACTUALLY verify that i did in fact have the funds to purchase the house outright. although you can ask, i don't think it is legal.
I would put in the contract that we would close in on or about three weeks... cause thats all it takes to do a cash deal... and i'll add penalties to the contract if we don't close past a month.
Trust me... a lying cash buyer can be exposed. And I am not even a lawyer... i am sure my lawyer could think of better ways.
Gonnacatchapeacock
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Re: Anyone ever hear of this?
It's so true - here on Long Island..anything that has been updated & in move-in condition - goes like hot cakes. It's so tough.
To think , here we are with our strong bid & our preapproval, excellent credit history , our solid 20% at contract bidding a bit above ASKING price......
and then you get someone come along with a 'Cash' deal. I could just as well said it is a 'cash' deal. We're going to have no problem getting the mortgage. I just feel that most homeowners would definitely want verification of these funds...definitely. I know I would.
Any educated seller would find this out - right? If someone's offering me cash for my house - I'd assume it's out of their personal accounts - not mortgage.
This is a lot of money - who would just 'take your word for it?'
This process sounds very attractive though. If they don't call your bluff then it may win your dream house.
I just can't believe (from what I've seen) how these real estate agents are - I feel there is so many things taking place 'under the table'.
Buying 'For Sale by Owner' seems so much more attractive. No games. You give your best offer and they decide. None of these agents influencing bids...making people bid against themselves - it's gross!
skew
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Re: Anyone ever hear of this?
Posted by DjPiLL
Posted by skew
so what if i was buying from you? would you ACTUALLY verify that i did in fact have the funds to purchase the house outright. although you can ask, i don't think it is legal.
I would put in the contract that we would close in on or about three weeks... cause thats all it takes to do a cash deal... and i'll add penalties to the contract if we don't close past a month.
Trust me... a lying cash buyer can be exposed. And I am not even a lawyer... i am sure my lawyer could think of better ways.
SURE we could have EASILY been exposed. some people aren't as savvy as you. i would never offer ALL CASH knowing that the seller wanted to close in 3 - 4 weeks (which would HAVE to be communicated prior to contract). HOWEVER, from what i understand each party has a 30 day window from date stated on contract. not sure if it is a law but that is what i was told by several realtors.
ETA: we are closing exactly 30 days after date stated on contract. the seller's attorney used THIS tactic so that each closing (current house and her new house) would fall on or about the same day. i am 99% sure we could fight this as i don't think that it is legal but again it is ALL a part of the game.
skew
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Re: Anyone ever hear of this?
Posted by Gonnacatchapeacock
I just can't believe (from what I've seen) how these real estate agents are - I feel there is so many things taking place 'under the table'.
Buying 'For Sale by Owner' seems so much more attractive. No games. You give your best offer and they decide. None of these agents influencing bids...making people bid against themselves - it's gross!
it is discouraging. agents DO sway the sellers in re: offers. it is not unusal for an agent to push offers that was made directly through them (no other agent). this way the pocket ALL the commission. i also would not surprised if agents hold back offers that are not made directly through them. sellers are are out for money and can be VERY greedy. which leaves us (the buyers) the unfortunate victims. it's an all around dirty, dishonest (in MANY cases) game and you have to be in it to win it.
IMO, i don't feel we took advantge of anyone. if anyone was taken advantage of, it was us in re: price (as all buyers are in this market).
MrsERod
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Re: Anyone ever hear of this?
Posted by skew
it is discouraging. agents DO sway the sellers in re: offers. it is not unusal for an agent to push offers that was made directly through them (no other agent). this way the pocket ALL the commission.
You are SO right! The first house we put an offer on WE LOVED!! We even went back twice the same day, and the seller was very sweet and basically told us straight up, 'my house is available'....so we put the offer in with her listing agent, and kinda got the run-around from their office. So my agent went back to present the offer in person, and when the seller saw that it was our agent presenting the offer for us, she expressed how much she liked us and how sweet we were. Well, her listing agent was such a 'B', she turned around and told the seller, 'well sweet don't pay the bills honey!' My agents jaw nearly dropped!! We had put in a nice offer, even offered $10K over asking, had nothing to sell, had all our paperwork in order!! The selling agent was just $$ hungry, IMO, and just wanted to keep the comm. in office. Like someone said, its a dog eat dog world!!!
TracyInQueens
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Re: Anyone ever hear of this?
Posted by MrsERod
You are SO right! The first house we put an offer on WE LOVED!! We even went back twice the same day, and the seller was very sweet and basically told us straight up, 'my house is available'....so we put the offer in with her listing agent, and kinda got the run-around from their office. So my agent went back to present the offer in person, and when the seller saw that it was our agent presenting the offer for us, she expressed how much she liked us and how sweet we were. Well, her listing agent was such a 'B', she turned around and told the seller, 'well sweet don't pay the bills honey!' My agents jaw nearly dropped!! We had put in a nice offer, even offered $10K over asking, had nothing to sell, had all our paperwork in order!! The selling agent was just $$ hungry, IMO, and just wanted to keep the comm. in office. Like someone said, its a dog eat dog world!!!
That's just terrible, that you had that happen. The whole RE thing on LI really leaves a bad taste in my mouth.
skew
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Re: Anyone ever hear of this?
Posted by TracyInQueens
Posted by MrsERod
You are SO right! The first house we put an offer on WE LOVED!! We even went back twice the same day, and the seller was very sweet and basically told us straight up, 'my house is available'....so we put the offer in with her listing agent, and kinda got the run-around from their office. So my agent went back to present the offer in person, and when the seller saw that it was our agent presenting the offer for us, she expressed how much she liked us and how sweet we were. Well, her listing agent was such a 'B', she turned around and told the seller, 'well sweet don't pay the bills honey!' My agents jaw nearly dropped!! We had put in a nice offer, even offered $10K over asking, had nothing to sell, had all our paperwork in order!! The selling agent was just $$ hungry, IMO, and just wanted to keep the comm. in office. Like someone said, its a dog eat dog world!!!
That's just terrible, that you had that happen. The whole RE thing on LI really leaves a bad taste in my mouth.
w/ interest rates rising and prices leveling i think it is getting better. it is STILL super compettive though and if a buyer isn't savvy they can really be taken.
