Quote:
Originally Posted by DesertDweller
Woody38, I can assure you that sellers do care (or at least very much should care) whether the deal is a cash deal or subject to financing. Having been on the seller side of a house sale that fell through due to the buyer's not getting financing and having seen it with others it really does matter. The buyer having mortgage pre approval is nice but having them with funds on hand is nicer. If nothing else, the transaction can close significantly faster.
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It depends a lot on how much they are putting down. Often one way financing fails is due to appraisal coming in a lot lower than the purchase price. Especially these days. Pre approval with a large down payment is pretty close to cash.
Also just because someone does offer "cash" it doesn't mean they don't plan to borrow money. They are just willing to not put bank approval as a contingency.
Nothing is a guarantee until closing.
Also as far as equity loan goes. Payments on equity loans even for a modest $300k can be huge. Especially for someone retired on social security.
Oh when I did my last equity loan (not long ago) they wanted my last two pay stubs.
BTW it's always a good idea to have an outstanding Equality loan (with nothing borrowed against it, it cost nothing to have it). I've written large checks from it and then just pay it right back in full.