Lender accepting loan offer rather than cash

4 Replies

Good evening everyone,

I am in the process of finding my first house, which I intend to flip and sell. I've been searching for about 2 months. There was one house that I really wanted but someone came in and offered cash before I put my offer in. I am qualified for a conventional loan and a FHA 203k loan. I found another house over the weekend for 34.5k. Very nice neighborhood in Cincinnati. The listing agent said they aren't accepting offers until this Friday and it's cash only. Well like a lot of newcomers I don't have that under my bed. I'm going to still throw in a offer with the 203k as my loan with the thinking that if my offer is higher than everyone else's the seller might take mine. Has this happened to anyone else? Is there any other options I could try? Thanks!

If they say it’s cash only then they probably won’t even be given your offer by the agent.

Sellers usually want their price or their terms. In this case it’s likely terms (cash) so I’d say it’s unlikely you get it.

I doubt your offer would even be considered. It is less risk for he seller to accept a cash offer than a financed offer. You would either need to find a partner to help u with the deal or save up money as fast as you can so that you can put a cash offer on a future property. Either increasing your income or decreasing your expenses will help you save up faster.

its an issue in many markets you will probably have to bid over asking to secure it.. make it financially rewarding for the seller.

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