I find when it comes to submitting an offer on bank owned properties that the banks will take a cash deal over a buyer needing to be financed with a mortgage. Cash has a power that we sometimes forget. Cash is there, readily accessible and can be verified quickly. A cash deal can be closed within two weeks! Banks want to move these homes fast…time equals money! Banks want to move these properties off their books,
The alternative that the banks are comparing a cash deal up against is acquiring a mortgage. This is process that could take up to 60 days to close. There are multiple steps involved, with possible unforeseen or unavoidable issues that can make a deal fall apart.
The bank will go with a lower offer if it’s cash…..CASH may be the sparkly object in a deal that grasps their attention!
