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alexb
LIF Adult
Member since 5/13 960 total posts
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All Cash for a House
The only thing that annoys me with homes being sold at or above a million is the mansion tax... That just really annoys me since its so outdated.
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Posted 3/10/16 8:11 PM  |
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alexb
LIF Adult
Member since 5/13 960 total posts
Name:
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Re: All Cash for a House
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
I think its pretty common... Lots of people come from wealthy families who give them the majority amount for their first home (as a wedding present).
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| Posted 3/10/16 8:13 PM |
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Lara&Aidansmommy
For mom i miss u ETC ILOVEU
Member since 3/07 13921 total posts
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ETC I LOVE YOU
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Re: All Cash for a House
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
I guess me and dh are shady
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| Posted 3/10/16 8:17 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: All Cash for a House
We buy flip houses for cash, no where near million dollar homes though. It's true there are a lot of cash buyers.
Anyone can buy cash, just get a hard money loan short term and then get a mortgage to pay off the HM loan. Many investors that buy rental properties do this so they can leverage fast closing times/no appraisal.
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| Posted 3/10/16 10:02 PM |
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soontobemommyof2
My boys...my everything <3
Member since 4/15 3635 total posts
Name:
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All Cash for a House
What are the benefits for the seller besides a faster process?
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| Posted 3/10/16 10:08 PM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: All Cash for a House
Posted by soontobemommyof2
What are the benefits for the seller besides a faster process?
Many buyers have to walk away because they don't get approved for a loan.
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| Posted 3/10/16 11:11 PM |
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PennyCat
Just call me mommy :)
Member since 7/08 19084 total posts
Name:
Jib
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Re: All Cash for a House
Posted by alexb
The only thing that annoys me with homes being sold at or above a million is the mansion tax... That just really annoys me since its so outdated.
They've since renamed it a luxury tax since they acknowledge that just because you're spending over a million dollars, doesn't mean you're getting a mansion!
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| Posted 3/11/16 1:34 AM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: All Cash for a House
Posted by Lara&Aidansmommy
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
I guess me and dh are shady
No I'm not saying that. I get the pre 2004 thing. I see buying a house for 150k and then selling for 500k. You have a substantial profit. Maybe you lived at home and were able to save. Maybe you were given a substantial gift. I'm not denying those possibilities. And by you, I don't mean YOU. Haha.
But having lived in an expensive area in queens, I saw million dollar homes bought, knocked down, and rebuilt. Just makes you wonder how SO many have such liquid cash. Investors for flips ? Maybe. Insanely wealthy people? They exist. Or not reporting cash profits? Things that make you go Hmmm.
Message edited 3/11/2016 5:04:14 AM.
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| Posted 3/11/16 5:02 AM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: All Cash for a House
Posted by MissJones
Posted by Lara&Aidansmommy
Posted by MissJones
Personally, I don't think it's normal and it makes you wonder.
I guess me and dh are shady
No I'm not saying that. I get the pre 2004 thing. I see buying a house for 150k and then selling for 500k. You have a substantial profit. Maybe you lived at home and were able to save. Maybe you were given a substantial gift. I'm not denying those possibilities. And by you, I don't mean YOU. Haha.
But having lived in an expensive area in queens, I saw million dollar homes bought, knocked down, and rebuilt. Just makes you wonder how SO many have such liquid cash. Investors for flips ? Maybe. Insanely wealthy people? They exist. Or not reporting cash profits? Things that make you go Hmmm.
The ones in the boroughs doing things 9 times out of 10 are from Asia.
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| Posted 3/11/16 7:22 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
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DiamondMama
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Re: All Cash for a House
For me I want top dollar if I am selling. There would be no upside to me accepting a lower price for cash bc my house would have no issue appraising, the only way I would prefer cash is if someone was coo coo and willing to give me MORE than my house was valued at lol
Honestly for the seller it does not matter, if the person is approved I do not care either way if they pay cash or have a mortgage
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| Posted 3/11/16 8:37 AM |
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Momma2015
Mommax2
Member since 12/12 6656 total posts
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Re: All Cash for a House
Posted by Mushesgirl
my bff lives in Dyker Heights in Brooklyn. This is happening with nearly every house there. Chinese buyers, all cash.
This is what our old neighborhood in Queens was like. The houses in this area are pretty big, mostly 2 family houses, and they break them up into smaller apartments or change a two bedroom apartment to a four bedroom with a very small living room and no dining room. Legal or not, I have no idea. It was a little sad seeing our old place gutted and renovated like that. They even took out the garage and made the first floor another apartment. I guess they make a profit in the long run because SO many people are living in the house now. Before it was my DH and I and two elderly women on the top floor. Now there's 3 large families.
ETA: It also makes me sad because it's impossible to buy anything in the area. These homes are going for over a mill and it's insane! They're not worth it. DH and I both grew up there and there was no way we could buy there and stay close to our families. We wound up purchasing in Nassau instead.
Message edited 3/11/2016 8:56:07 AM.
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| Posted 3/11/16 8:51 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: All Cash for a House
 neither can I.
I assume that anyone who is truly paying all cash meaning they did not buy a house and make a profit off of it when selling, they didn't take out another type of loan to get the cash, someone who just has a few hundred thousand dollars in the bank from saving money when working must make a very very good salary and at the time before purchasing their house lived well under their means.
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| Posted 3/11/16 9:28 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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All Cash for a House
This is becoming increasingly common especially with Chinese investors especially in the city. Where my coop is they are paying $900K + cash for coops. There is no contingency to finance so they appeal to a lot of sellers.
If we would have sold our co-op we could have easily paid cash for our house and then some...people who bought pre-2005 also likely would make a nice profit if selling now.
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| Posted 3/11/16 1:11 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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All Cash for a House
I got beat by a cash offer.
The house I really wanted, I put in an offer $5k over. I was beat by another $5k but ALL CASH. Well hellzbellz that killed my dreams super fast. I still see them as I ended up buying in the neighborhood. No where near a million but still.
We get a LOT of out of towners/ out of state folks coming to SA. So people come here with money and buy houses for 'cheap' to them while it's not 'cheap' to those living here and making local salaries.
Lots of times I hear "Yeah moved down to San Antonio and got this house for like a stupid $300k, can you believe how cheap it is? I could have gotten a $140k house or two, but splurged" blah blah
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| Posted 3/11/16 6:08 PM |
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BabyBearA
LIF Adult
Member since 7/11 1254 total posts
Name:
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All Cash for a House
My BIL was recently approached by an Asian man who offered him a million in cash for their house in Queens. Then this week I was approached by an Asian realtor who asked if we are interested in selling our house. She said that the demand is greater than what's available on the market right now. It's crazy but there is a lot of shady things going on with these houses they are converting and renting to multiple people. There was an article about it recently...
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| Posted 3/11/16 8:34 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: All Cash for a House
Posted by DiamondGirl
For me I want top dollar if I am selling. There would be no upside to me accepting a lower price for cash bc my house would have no issue appraising, the only way I would prefer cash is if someone was coo coo and willing to give me MORE than my house was valued at lol
Honestly for the seller it does not matter, if the person is approved I do not care either way if they pay cash or have a mortgage
There are reasons that motivate the seller, for example if the buyer is getting a mortgage and the seller needs to close on the current house in order to get the mortgage on their new house have two mortgage companies involved can throw the timing off.
When I buy properties with cash as long as my attorney is available I can close on the sellers exact desired date.
The more properties with mortgages that the buyer and seller are attached to, the more complex the closing process.
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| Posted 3/11/16 8:42 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: All Cash for a House
Posted by sunnyplus3
Posted by DiamondGirl
For me I want top dollar if I am selling. There would be no upside to me accepting a lower price for cash bc my house would have no issue appraising, the only way I would prefer cash is if someone was coo coo and willing to give me MORE than my house was valued at lol
Honestly for the seller it does not matter, if the person is approved I do not care either way if they pay cash or have a mortgage
There are reasons that motivate the seller, for example if the buyer is getting a mortgage and the seller needs to close on the current house in order to get the mortgage on their new house have two mortgage companies involved can throw the timing off.
When I buy properties with cash as long as my attorney is available I can close on the sellers exact desired date.
The more properties with mortgages that the buyer and seller are attached to, the more complex the closing process.
Sure all things being equal but my point is most wouldn't sell at s lower price strictly bc it's all cash
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| Posted 3/11/16 9:33 PM |
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muffaboo
LIF Adult
Member since 12/10 3797 total posts
Name:
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Re: All Cash for a House
Posted by alli3131
Posted by newlywedT
Why does paying "cash" matter?
When we were looking for a house, the agent said "There are 2 other offers, one is all cash"
When you sell a house, doesn't the bank give you "cash" ?
So why is an "all cash offer" such a big deal?
Is it because it takes longer to get the bank to pay? but its not that much longer is it? (assuming the buyer is already approved for the mortgage)
with an all cash deal you do not need to wait for the entire mortgage process. you can sign the contracts and close in a very short period of time.
This. We paid all cash for our home. There were other offers but we got it.
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| Posted 3/12/16 10:04 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: All Cash for a House
Posted by DiamondGirl
Posted by sunnyplus3
Posted by DiamondGirl
For me I want top dollar if I am selling. There would be no upside to me accepting a lower price for cash bc my house would have no issue appraising, the only way I would prefer cash is if someone was coo coo and willing to give me MORE than my house was valued at lol
Honestly for the seller it does not matter, if the person is approved I do not care either way if they pay cash or have a mortgage
There are reasons that motivate the seller, for example if the buyer is getting a mortgage and the seller needs to close on the current house in order to get the mortgage on their new house have two mortgage companies involved can throw the timing off.
When I buy properties with cash as long as my attorney is available I can close on the sellers exact desired date.
The more properties with mortgages that the buyer and seller are attached to, the more complex the closing process.
Sure all things being equal but my point is most wouldn't sell at s lower price strictly bc it's all cash
You are selling your house and have two offers on your house listed at 415k.
Buyer A: Offers 415k, doing an FHA loan only putting 3% down and needs at minimum a 90 day close to get mortgage paperwork together.
Buyer B: Offers 410k, all cash. No appraisal and no mortgage. Can close two weeks after inspection and are willing to put 50k deposit down at contract.
Which offer are you choosing?
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| Posted 3/12/16 10:31 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: All Cash for a House
Posted by ave1024
Posted by DiamondGirl
Posted by sunnyplus3
Posted by DiamondGirl
For me I want top dollar if I am selling. There would be no upside to me accepting a lower price for cash bc my house would have no issue appraising, the only way I would prefer cash is if someone was coo coo and willing to give me MORE than my house was valued at lol
Honestly for the seller it does not matter, if the person is approved I do not care either way if they pay cash or have a mortgage
There are reasons that motivate the seller, for example if the buyer is getting a mortgage and the seller needs to close on the current house in order to get the mortgage on their new house have two mortgage companies involved can throw the timing off.
When I buy properties with cash as long as my attorney is available I can close on the sellers exact desired date.
The more properties with mortgages that the buyer and seller are attached to, the more complex the closing process.
Sure all things being equal but my point is most wouldn't sell at s lower price strictly bc it's all cash
You are selling your house and have two offers on your house listed at 415k.
Buyer A: Offers 415k, doing an FHA loan only putting 3% down and needs at minimum a 90 day close to get mortgage paperwork together.
Buyer B: Offers 410k, all cash. No appraisal and no mortgage. Can close two weeks after inspection and are willing to put 50k deposit down at contract.
Which offer are you choosing?
Well I guess my perspective is skewed bc the area I live in I know I would have multiple offers, I wouldn't accept 3% down bc the mortgage would be shaky. I also wouldn't take 410 or anything less bc like I said I wouldn't need to, if I lived in a different area perhaps I would feel differently. I live in a popular part of Queens, there were a dozen offers on the home we bought within one open house weekend.
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| Posted 3/12/16 3:22 PM |
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