hoapres Posted January 1, 2022 Share Posted January 1, 2022 This may only be applicable to the SF Bay Area although I have heard of some other cases. In short, if you don't have ALL CASH in the SF Bay Area then you are likely OUT of the housing market. Don't take this as gospel but horror stories include a house being offered for $1.8 million going for $2.8 million in Berkeley. That's right $1 Million OVER the asking price and the sale was ALL CASH. Houses are getting multiple offers with many for all cash. Quote Link to comment Share on other sites More sharing options...
hegemony Posted January 1, 2022 Share Posted January 1, 2022 if I was a seller and had two equal offers, one cash and one subprime FHA I will pick cash all day long. I think I'd even take a slightly lower all cash offer just to avoid the vagaries of mortgage closings (e.g., appraisal). 8ball 1 Quote Link to comment Share on other sites More sharing options...
8ball Posted January 2, 2022 Share Posted January 2, 2022 The order of preference we usually work with- Cash, Conventional, VA, FHA and owners financing (Contract for Deed). hegemony 1 Quote Link to comment Share on other sites More sharing options...
centex Posted January 3, 2022 Share Posted January 3, 2022 It is shades of what we saw in the run-up of the bubble...it was not uncommon to see bidding wars in my area of Austin (not within the actual city limits of Austin though). And we are seeing it again north of Houston. There was a slight cooling off in December, largely because a closing that occurred after Saturday (the 1st) shifted certain taxable considerations into a new tax year. I have no qualms with sellers preferring cash. When it comes to closing, it is the simplest way to do things and you eliminate underwriters from the mix...and can probably also eliminate a few other time-sucks of a step since you really don't have to deal with an appraisal on comps and whatnot... Quote Link to comment Share on other sites More sharing options...
Matti Posted January 7, 2022 Share Posted January 7, 2022 Good old Utah, here. Right in the middle of sale and purchase, at the same time. Closings are set for within 5 days of each other. Cash is definitely king right now. Even strong offers like ours ($350k cash, $150 mortgaged)... We lost on 8 houses to all cash buyers. Quote Link to comment Share on other sites More sharing options...
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