2 ms·

Why would it matter 20% or 700k as a seller I get the full amount from the bank.

• deanmoriarty 8y ago
  I believe the buyer was also slightly more aggressive, i.e. was willing to let the deal close faster than my friend, who rightfully wanted to take his time before getting into the biggest purchase of his life (inspections and such). That, paired with the massive downpayment the buyer was ready to immediately put in earnest money, was enough to convince the seller. Real estate transactions are not always that rational. Also, many folks in the Bay Area just go all cash, and that's obviously much better for the seller since it means very fast closing. But this if off topic, because a person on a 150k startup salary in the Bay Area won't be able to participate in any of these discussions.
• TuringNYC 8y ago
  Because most offers are "subject to favorable financing" and if the person doesnt get favorable financing, the offer falls thru and the seller ends up holding the housing longer w/o a seller and paying the carry. People will often sell at a lower absolute price (slightly lower) for all-cash offers without the issues of financing. Also, financing can fall thru for silly reasons (eg the bank found some crazy lien from the 1940s) and want it cleared before they offer financing.