Real Estate Agents will on accept CASH OFFERs

Dud? Joined: 12 Jan 2009 Posts: 17 Location: OC

IF You are trying to buy a home and are a hardworking family who is trying to take advantage of the housing value and tax credit...WELL, if you dont have all CASH you are poo poo OUT OF LUCK.....AGENTS are not ACCEPTING any FHA OR VA offers. They reject them immediately. Its SAD! My Parents are now going ton 5 months and every offer they made has been rejected only to find out a full cash offer has been made and accepted...what happend to the good days when Agents knew each other and they can work a deal out...WELL, thats ...NOW you have to deal with ROOKIE Agents who where loan officers in 2005 who are now pulling a different kind of SCAM..they are probably accepting side money to accept an offer.

Wrecking crew Joined: 13 Feb 2008 Posts: 1905

If the property they are writing offers on are REO - which is a significant
percentage of listed homes right now - it is the REO representative - often a third party company - that is requiring cash. Right now - with the recently released inventory - that is what they are fishing for - cash, as is, not repairs and highly discounted price.

Generally - if the listing cools off for a few weeks, they are getting more ammenable to offers from buyers needing a loan. The best I can advise - is submit the offer with a preapproval on loan commitment - even a copy of the DU, etc. with the offer. Do not get into repair requirements - that scares them off.

Once I have the appraisal in and have their repair requirements - you have to strategize from there. Some REO reps won't allow any repairs even with licensed and bonded contractors - really can't quite figure out. Sometimes the repairs just seem to get done even when the REO has not allowed on paper.

Also - we haven't written short response dates on offers - have left open or at least 2-3 weeks. Cash is often a pipedream and once it is apparent that is not going to happen, the door cracks open a bit.

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