Buying home for cash in the Phoenix area

beckyazSeptember 4, 2010

So many areas of the country are truly suffering with few buyers in the market. In Phoenix though, it seems that even though there is a large inventory of homes, the good ones go quickly and there seems to be little room for negotiation (from what I've heard anyway). Has anyone had any experience with negotiating when buying cash? Realtor hasn't been as helpful as we would hope - but it's a close family member and hands are somewhat tied to having to use her!

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larke

Can you be a little more specific about the circumstances of your transaction? And what about the realtor is a problem?

    Bookmark   September 4, 2010 at 5:44AM
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lazy_gardens

Houses in "desirable" areas (not the cheap crap in the outskirts from the 1990-98 boom years) are moving reasonable well, according to my neighbor the agent (20+ years in the area).

Here's the deal with buying for cash, from my sister the real estate investor. It doesn't matter to the seller HOW you pay for it so there is no leverage for any lower pricing just because you wave a wad of greenbacks. Just like in other buying, check the comparables, make an offer and give them 24-48 hours to accept or counter. Go on to the next house if you are rejected, or if you have enough cash, make several offers and buy several houses.

It gives you an advantage because you don't have to qualify for the mortgage, so you can close faster and not have to write a contract conditional on getting a loan.

Don't be insulted if an agent asks to see proof of the cash before writing up a contract. They need to protect their client.

    Bookmark   September 4, 2010 at 10:54AM
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brickeyee

" It doesn't matter to the seller HOW you pay for it so there is no leverage for any lower pricing just because you wave a wad of greenbacks. "

Not true.

No mortgage contingency, faster closing, no appraisal contingency (required for a mortgage usually) are all advantage a cash buyer brings.

A seller wanting to move quickly (and with less chance of the sale falling through) helps a lot also.

Many sellers seem to forget they are paying carrying expenses (taxes an possibly a mortgage) and a faster sale reduces their expenses.

I have purchased houses in less than one week using cash.

    Bookmark   September 4, 2010 at 11:30AM
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