6 ms·

> Need to buy a house? bid 20% more than asking, if you don't - someone else will.. in cash. Who buys a house in cash? You mean literal suitcases of dollar bil

> Need to buy a house? bid 20% more than asking, if you don't - someone else will.. in cash. Who buys a house in cash? You mean literal suitcases of dollar bills? Or do you just mean something like a bank transfer? What other ways are there to buy something?

deleted 4y ago
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noufalibrahim 4y ago
In cash as opposed to getting the transaction financed.
afavour 4y ago
They mean paying in full themselves, not backed by mortgage.
- Clubber 4y ago
  Even if you get the mortgage, it's the same as cash to the seller. The bank just cut's them a check right away. The mortgage is between the bank and the buyer.
  - smabie 4y ago
    I just bought a house in cash, the seller wasn't willing to accept any non-cash offers. With a cash offer the seller and buyer can close in a significantly shorter amount of time than with a mortgage.
  - ejb999 4y ago
    >>Even if you get the mortgage, it's the same as cash to the seller. Not really, pay in 'cash' and you can close in days, pay with a mortgage and it might take weeks to months. Sellers always prefer cash buyers if they are in a hurry to sell.
  - seattle_spring 4y ago
    Sure if everything works out then the seller gets the same, but there are many more reasons a financed offer will fall through versus an all-cash offer.
    - throw8383833jj 4y ago
      Absolutely. You won't believe all the crazy stuff that can happen that makes an offer fail when using a mortgage.
  - TuringNYC 4y ago
    Banks pre approve liberally but commit to funding with great deliberation. It isn’t the same thing because banks can make all sorts of deals fail.
  - danachow 4y ago
    No. In the US standard housing purchase agreements are drawn up contingent on financing - and standard bank financing has a lot of hoops and procedure to go through - it usually takes at least a month and of course it may fall through. During that time the seller is basically sitting on their ass and can’t advertise the property. An all cash deal means the seller does not have to wait once the parties have a mutual purchase agreement.
epc 4y ago
In cash meaning you don’t make the offer contingent on financing, and you can document the sources of payment (balance sheet, statement from bank or accountant, etc).
chucksmash 4y ago
> Who buys a house in cash? You mean literal suitcases of dollar bills? Not literal suitcases of dollar bills, no. Buying with cash here means without taking out a mortgage. To answer the first question about who buys a house in cash, 28% of buyers do so[1]: > All-cash sales accounted for 28% of transactions in March, up from both the 25% recorded in February [2022] and from 23% in March 2021. [1]: https://www.nar.realtor/newsroom/existing-home-sales-slip-2-7-in-march https://www.nar.realtor/newsroom/existing-home-sales-slip-2-...

deleted 4y ago

[deleted]

noufalibrahim 4y ago

In cash as opposed to getting the transaction financed.

afavour 4y ago

They mean paying in full themselves, not backed by mortgage.

Clubber 4y ago
Even if you get the mortgage, it's the same as cash to the seller. The bank just cut's them a check right away. The mortgage is between the bank and the buyer.
- smabie 4y ago
  I just bought a house in cash, the seller wasn't willing to accept any non-cash offers. With a cash offer the seller and buyer can close in a significantly shorter amount of time than with a mortgage.
- ejb999 4y ago
  >>Even if you get the mortgage, it's the same as cash to the seller. Not really, pay in 'cash' and you can close in days, pay with a mortgage and it might take weeks to months. Sellers always prefer cash buyers if they are in a hurry to sell.
- seattle_spring 4y ago
  Sure if everything works out then the seller gets the same, but there are many more reasons a financed offer will fall through versus an all-cash offer.
  - throw8383833jj 4y ago
    Absolutely. You won't believe all the crazy stuff that can happen that makes an offer fail when using a mortgage.
- TuringNYC 4y ago
  Banks pre approve liberally but commit to funding with great deliberation. It isn’t the same thing because banks can make all sorts of deals fail.
- danachow 4y ago
  No. In the US standard housing purchase agreements are drawn up contingent on financing - and standard bank financing has a lot of hoops and procedure to go through - it usually takes at least a month and of course it may fall through. During that time the seller is basically sitting on their ass and can’t advertise the property. An all cash deal means the seller does not have to wait once the parties have a mutual purchase agreement.

epc 4y ago

In cash meaning you don’t make the offer contingent on financing, and you can document the sources of payment (balance sheet, statement from bank or accountant, etc).

chucksmash 4y ago

> Who buys a house in cash? You mean literal suitcases of dollar bills? Not literal suitcases of dollar bills, no. Buying with cash here means without taking out a mortgage. To answer the first question about who buys a house in cash, 28% of buyers do so[1]: > All-cash sales accounted for 28% of transactions in March, up from both the 25% recorded in February [2022] and from 23% in March 2021. [1]: https://www.nar.realtor/newsroom/existing-home-sales-slip-2-7-in-march https://www.nar.realtor/newsroom/existing-home-sales-slip-2-...