This might be a simple question but I would like some input. I've been watching a house on the mls that is listed as a "REO and cash buyers only." How flexible is this? I've discussed with a lender about financing a deal and they seem cozy with me, so are they (seller) usually willing to entertain a different way of paying for it or is it "show up with cash and that's it". Thanks for any advice/info.
Well if you offer the worst thing that can happen is the seller says "no".
Sometimes they say "cash only" because the property is not able to be financed by conventional financing, just won't qualify for whatever reason.
I'm subscribing to this forum to see what kind of replies you get, @Jared Kulp . I've wondered the same thing. I had an almost unbelievable deal get away because it was listed as cash only and it sold on auction...and was listed on the MLS. I was not in a position to make a cash buy but the house would've been a cash COW had I been able to snag it. The listing agent was not helpful and often responded with one word answers to my inquiries. Probably because he thought I wasn't legit without $40k cash ready to go.
Hopefully someone with some wisdom will chime in!
ime that means the house is in a condition that wouldn't qualify for conventional financing. You can always call the listing agent and ask.
While it is possible that the seller is only interested in cash offers (no real reason is required - a seller has this choice), as @Bill Florence stated, usually when a property is listed as 'cash only', the seller knows the house will not qualify for financing. This can be due to a variety of reasons, but generally means the house does not not meet FHA's Minimum Property Standards.
So, I talked to reo agent and was told this bank wants offers on this property that are not contingent on the condition of house. House has had electric turned off, no heat, no air etc.. No mortgage. Waiting to hear from lender if they have options for this situation or not? Any suggestions?