Posted by Bill Bronchick on February 11, 2004 at 16:06:17:
The opposite of a “cash” offer is the seller taking a note for all or part of the purchase price. If a buyer says, “I’m paying, with no contingencies”, then the deal is not contingent upon buyer getting financing.
“All Cash”, what does this imply? - Posted by Steve
Posted by Steve on February 11, 2004 at 14:45:13:
such as: I can pay “all cash” for a property, or an “all cash” offer, what exactly does that mean. Sorry if this seems like a dumb question, but I’m in the process of learning REI terminology. Thanks in advance!
Re: - Posted by Big Slick
Posted by Big Slick on February 11, 2004 at 19:23:20:
My undestanding is the seller is getting totally cashed out and there are no financing contingencies in the purchase agreement. You can borrow the money but you’re deposit is now at risk.
Re: “All Cash”, what does this imply? - Posted by Randy (SD)
Posted by Randy (SD) on February 11, 2004 at 15:22:46:
It means if the seller wants $100,000 - at closing you present a cashier’s check for $100,000. It means you have the money you don’t need to qualify for loan you don’t need any other sources you’re paying cash.
Re: Hate being landlord ! - Posted by Mike-OH
Posted by Mike-OH on April 23, 2006 at 07:10:26:
Dave,
He’s not getting a $15,000 payday, it’s a $150,000 payday in only 6 months!!! If he hates being a landlord, I’d take the $150K and run!
Mike
Actually… - Posted by Bill Bronchick
Posted by Bill Bronchick on February 11, 2004 at 15:26:26:
“All cash” means the seller gets all cash. The buyer could be borrowing the money.
Re: Actually… - Posted by David B
Posted by David B on February 11, 2004 at 16:03:34:
If it means a seller could be borrowing money, like from a bank, than what’s the distinction between an 'all cash" deal and just a regular deal? If “all cash” means the buyer has the cash in his/her possession and doesn’t need to borrow, then that sounds like a much stronger buying position as the seller doesn’t have to worry about the buyer getting financing??or waiting for the financing to be approved.