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ALL CASH


hoapres
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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.  

 

 

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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...

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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.

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