Seller wants cash only but closing day is 4 more than 4 months aw
Hello,
I am considering purchasing a condo in Miami. The condo is rented but is offered for sale now (cash only).
The closing will not be before the end of the lease which is in September.
First, I am not clear why the seller wants to sell it now so far ahead of the closing date. Any ideas about his strategy?
Second, he is asking for a 20% down. Would you do that?
Thanks for your input.
@Oren Yehezkely maybe he is banking on the market going down. Maybe he doesn't want to be left with an unrented condo in the fall. He wants 20% in earnest money to ensure you can close the deal. You need to be quite careful on terms of any deposit return given the size of the deposit and make sure if this is a good deal before committing that much over that long a time. I would be inclined to put delivered vacant in the agreement too if you decide to move forward.
People are constantly buying and selling real estate. There are endless motives behind somebody wanting to sell, so we can't get too hung up on why he wants to get a contract now.
Everything can be negotiated. If you want to close sooner, propose a sooner closing date. If you want to put less than 20% down, propose putting less than 20% down.
