Does Buying in Cash Give Home Buyer Upper Hand in a Deal?

Does Buying in Cash Give Home Buyer Upper Hand in a Deal?

Residential News » Q & A with Dottie Herman | By Dottie Herman | June 24, 2016 8:00 AM ET

Q & A with Dottie Herman

Question: Does paying all cash for a home give me an upper hand over other offers that require financing?

Answer: The ability to pay All Cash, particularly in a fast-paced market place, generally does give you the advantage over buyers who are financing. The financing process in itself takes time and, in some cases, prospects may be denied their loans. By offering All Cash, Sellers are generally more apt to accept your offer and, if time & terms permit, you may opt to finance your purchase before the agreed upon Closing date.
Question: They are building some new homes in my area. They seem to all be on 2 or 3 blocks. They all look different and seem beautiful. Many of the other homes on the block are old and small. Does this decrease my value of I buy one of these new construction homes?

Answer: The influx of new homes selling at higher prices in close proximity to yours should help to fetch a higher price for your current home. As the demographic of your neighborhood changes, the appeal of the neighborhood generally will as well.

Question: I want to rent a property in the Hamptons for next season. When should I start looking? Are most rentals from Memorial Day-labor day? Are there month or week ones as well?

Answer: The Rental Market in the Hamptons is usually robust, so it generally is best to start as early as possible. Summer rentals are often offered Memorial Day to Labor Day; as well as for one month terms for the months of July and/or August, depending on the landlord's needs.

Question: I live in a neighborhood where there has recently been a large turnover to young families. They have purchased homes and most of them are redone and are beautiful. My home is outdated but structurally in excellent condition. Since it has become a very desirable area, can I market my home for more money than it's worth?

Answer: The desirability of your neighborhood can be a key factor to attracting buyers, but condition of the home, is for many buyers, important as well. Homes that are priced correctly are selling. Checking the prices of comparable homes that have recently sold will be helpful to you and you may want to consider some updating to increase the appeal of your home.

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