Why is Mr./Mrs. Lender that you rejected our cash offer? This is a question that we often ask ourselves -- too bad it has to be like that. Nice post, Judy.
How many times have you heard or read that "cash is king" when it comes to purchasing a foreclosure or bank owned property? Great opportunity for the seller (bank) no mortgage contingency, right?
Then why is it Mr./Mrs. Lender that you rejected our cash offer?
Okay, I know you are convinced that the offer was low. It was obvious when you took 5 business days to respond only to "counter" at full price. I guess we should be grateful, you DID respond.
We offered proof of funds, did not reject or try to modify your strict addendum (even with your padded fees), and could close very quickly. So, why is it Mr./Mrs. Lender that you rejected a cash offer from a ready, willing and very able buyer?
By the way, we had an opportunity to review the bank addendum that you have attached to the purchase of this property. It was pretty clear that it would be next to impossible for anyone other than a "cash" buyer to purchase this property.
It is understood that the property has only been listed for a very short period of time. It is understood that you think you can do better... and perhaps you would have.... if you had provided some indication that you were willing to negotiate!
Mr./Mrs. Lender, it is time for a reality check. Your property needs work. Even if it was in move-in-condition, it would NOT be worth much more than your current asking price. If you want a cash buyer, you are only going to attract an investor. An investor is only going to purchase the property if they can make a profit. Oh wait, the investor could be buying the house for a family member or friend.
For some silly reason, the expression "needle in a haystack" seems to be flashing through my mind.
psst.... Mr./Mrs. Lender if you want to sell your property for the highest price possible, in the shortest amount of time.... you might want to rethink your game plan. Just a suggestion.
Why is it Mr./Mrs. Lender that you rejected our cash offer?
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I have found that here in Arizona the sellers who are banks love cash offers over everyone else due to the homes needing work done to be FHA.
Sometimes it's the earnest money. Lost one when we were higher by $1 and close sooner, with proof of funds, but had a lower earnest money offer. This was on a commercial property so it may be different. My thoughts .. guns blazing and show an earnest money deposit that wows them. From a second place offer also
Liz - Thanks for the reblog! Guess what... I just went over the 100K. :D