All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books
ForumsArrowShort Sales QuestionsArrowShort sale with requirement of an all cash offer ?
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

Short sale with requirement of an all cash offer ?

2 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Analyze Deals and Maintenance
  • Posts 50
  • Votes 12

Alex Ko
from Los Angeles, CA

posted about 2 years ago

I put in an offer on a property for 450k and the comps say at least 600 and up for similar properties . But , the agent wants all cash offers only for a short sale !? Why would an all cash offer matter for short sales ?

Also , I had to put my offer in blind because the property has tenants and the offer had to be put in , in order to even see it . .. ?

Anyone have any reason behind this from the listing side ?

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Single Family, Maintenance, and Residential
  • Posts 3.5K
  • Votes 2.9K

Account Closed

replied about 2 years ago
Originally posted by @Alex Ko :

I put in an offer on a property for 450k and the comps say at least 600 and up for similar properties . But , the agent wants all cash offers only for a short sale !? Why would an all cash offer matter for short sales ?

Also , I had to put my offer in blind because the property has tenants and the offer had to be put in , in order to even see it . .. ?

Anyone have any reason behind this from the listing side ?

What that means is that at closing the offer must be made complete. That is, they won't do any carry backs or owner financing. So, if you have hard money, or a bank loan that will close and pay in it's entirety it shouldn't matter. They don't care where the money comes from (except drug money etc naturally) they just want the full amount at closing. No funky FHA, VA or USDA loans which require inspections, appraisals and conditions.

Rotate Log in or sign up to reply
user profile avatar
  • Posts 2.1K
  • Votes 875

Ron S.
from Paradise, California

replied about 2 years ago
Originally posted by @Alex Ko :

I put in an offer on a property for 450k and the comps say at least 600 and up for similar properties . But , the agent wants all cash offers only for a short sale !? Why would an all cash offer matter for short sales ?

Also , I had to put my offer in blind because the property has tenants and the offer had to be put in , in order to even see it . .. ?

Anyone have any reason behind this from the listing side ?

They know something you don't, but their requirement stated by the agent tells you what you need to know...that the property is not financeable traditionally. That means usually, there is deferred maintenance, damage, or some non conforming component and they don't want their time wasted (or your time wasted) trying to get financing on something no one is going to finance without repairs/upgrades/maintenance, etc..

I require all cash offers commonly if I have something I know no one can finance or, when I know i'm not paying for repairs. VA is notorious for sticking every nail and screw they can to the lender and I just usually reject offers with contingent financing. That said, if I have had it on the market and don't have any buyers interested, I might entertain an offer, knowing it's not gonna go through.

Rotate Log in or sign up to reply
  • 1
Related Resources Short Sales Questions
Start Your House Hunt Right by Asking These Questions First
Is Doorvest a Good Option for Real Estate Investors?
How to Choose the Right Remote Real Estate Market for You
Home Purchase Fall Through? Don’t Panic: Here’s How to Get Your Earnest Money Back
What Is Underwriting? Here’s What to Expect
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Brett Goldsmith
Brett Goldsmith
Los Angeles, CA
6.43
Score
Paul Choate
Paul Choate
Shawnee, OK
6.43
Score
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.