Cash Works Wonders in Sellers’ Market

As buyers continue to snap up houses in this sellers' market, paying cash seems to be a way to not only stand out from the crowd but get the home you want. Bidding wars, builder lotteries and lack of inventory have some buyers wondering what move they should make and in some instances, it can be paying all cash. Even in Hampton Roads, the buyer's market is long gone. Serious sellers are right to look at alternative ways of locking down those dream homes.

Those who come in with cash offers can close quickly, offer lower bids and still walk away with the property. Why? Because financing can always fall through even for seemingly qualified buyers. Cash is the sure thing. Buyers will take less of a sure thing than more of a possibility. When given a choice, who would choose the offer that could prove troublesome down the road when there is a golden contract waiting for a seller to just sign and walk away?

Large amounts of cash may not seem like an easy thing to get, but some buyers may have overlooked sources where they can access the necessary sum to buy a house. Liquidating an investment portfolio to buy a residence makes sense if the price is right. Borrowing from family members doesn't have to be a bad thing either, as buyers can pay back the money quickly by getting a low interest mortgage after they close, according to Ilyce R. Glink's In Homebuying Cash is King Again. Buying a home you want in a sellers' market often requires creativity, and cash never hurts either.

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Categories: Home Buying Real Estate Investing Mortgage

Cities: Virginia Beach Chesapeake Norfolk Williamsburg Newport News Hampton Suffolk Yorktown Richmond

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