trying to make all cash offers now
This strategy I'm sure has been discussed in some form or another.
I just lost another bid (probably my 13th in over a year, none of the properties I placed a bid was in market for more than 2 weeks) to an all cash buyer despite full offer on my part. Why do sellers accept all cash buyers even at lower offers? When a deal closes, even if it was set at 15,30,45 day escrow, the sellers will still get my money. I have great credit. Are these sellers naive or is cash really king?
anyways, my questions to BP; is this a good way of raising capital?
1. refinancing my properties and get the cash out so I can buy a property all cash. Refinance new acquired property 6months to a year later and pay down some loans again.
or
2. take HELOCs on properties, when a desired property is identified, use the HELOC money to by all cash, refinance 6months to 1yr later and pay off the HELOCs?
3. take 4-5yrs to save a sizable downpayment and hopefully someone will accept an offer
I'm just frustrated and trying to come up with funds without a partner or hard money loans. I think I can come up with cash to offer on a property. If I'm lucky, because it is cash, I can get the property lower than asking price and when refinancing, hopefully can take out more cash.
I don't know, please advise BP