4 ms·
$200,000 seems low for a place like san fran. Unless you want to take on some serious mortgage debt.
by omilu 12y ago
$200,000 seems low for a place like san fran. Unless you want to take on some serious mortgage debt.
- zinssmeister 12y agototally agree. It might get you a home in the East Bay but no way you could find something in SF proper.
- grundprinzip 12y agoIt's only the necessary income to afford the mortgage. The media house price was listed as something like 600k.
- rorski 12y agoOn top of that, good luck buying a place with a mortgage/20% down payment. A friend of mine was turned down multiple times trying to buy a condo last year because the sellers were only accepting all-cash offers.
- dataminer 12y agoWhat difference does it make to the seller if its a all-cash?
- ghughes 12y agoLess chance of the deal collapsing.
- achllies 12y agoSlightly lower risk. Typically, if you are taking a loan, then you have a condition stating that the sale is contingent on the loan getting passed. If it does not, then the seller has to put the house on the market again and loses a few days and possibly value.
- brigade 12y agoZero chance the buyer and/or house will fail to qualify for a mortgage. Also gives the seller more leverage in not having to fix issues not required by law.
- dragonwriter 12y ago> What difference does it make to the seller if its a all-cash? A mortgage requires approval by the lender after the terms are settled with regard to the particular property (often including a third-party appraisal by someone approved by the lender to validate that the value of the property, rather than merely the sale price, has the correct relationship to the loan value), which means that an offer contingent on a mortgage can fail, whereas an "I have cash right here to pay now" offer cannot fail.
- beachstartup 12y agoas others have mentioned, a deal can fall through. but more importantly, once a deal falls through and you relist the property, the price can potentially be negatively impacted for a variety of reasons.
- binarysolo 12y agoI'm assuming he had his loan pre-approved before hitting the market? I take it those load deals entail some risk to deal completion due to the bank requiring due-diligence and making sure the house isn't an absolute lemon?
- deleted 12y ago[deleted]
- samstave 12y agoThat's income, not house cost.