Cash is King: All-cash Real Estate Buyers Are Getting Deals!
Lately I have been coming across a lot of cash buyers and they all want a discount… Can you blame them? They are the ones keeping the transaction volume going! When I get a call from an all-cash buyer, the first thing they say is “I am buying all cash.” I try to let them know right away that it doesn’t mean the seller is going to drop his pants for you. Usually, they don’t like that comment because that IS their attitude. So, what kind of discounts are these cash buyers looking for? At least 10-20% off the market price. Sometimes it gets frustrating because they want such a good deal, I’d buy myself at those prices. Yet you don’t want to lose them. Still, if they don’t play fair negotiation, I have to waive them goodbye. I advise the owner that it is better to wait for a better buyer. I mean, things aren’t that bad…. Are they? Well, at least not yet. (Unless you are talking about falling prices in Financial District or live in Detroit.) I’ll tell you how I feel next month.
Judging by this picture free transportation to the L Haus condo’s open house wasn’t helping sales all that much.
Comment by fl guy on 18 December 2008:
Things not that bad? the fed just lowered interest rates to 0% mortgage rates are 4.25% they may go to 3.75%. people are leaving pets behind in their homes cause they cant afford to feed them. cash is worthless everyweek another fortune 1000 company goes under. Not that bad? 10% to 20% yes if i put in all cash I do expect the seller to drop their pants and I want him to bend over. no one can get a loan right now if you want to keep you soon to be extinct middle man broker job you better work with that guy with all cash. its just a matter of time before your entire job is outsourced to india or replaced by a website. you stupid arrogant broker. get a real job!
Comment by BT on 20 December 2008:
Sorry to hear your job is being outsourced to India, fl guy. What did you expect? but more importantly, stop whining and move out of the swamp, if you can’t feed your dog. your ignorance and anger made you poor, broke and a loser. i happen to work more hours than any “real job” person i know and somehow find it hard to believe a person in India could show a warehouse in Maspeth or the Bronx on a freezing Friday night in winter, LOL. the websites have tried to “replace the middleman” for the past 14 years… hasn’t happened. and you know why? because we sell and lease “real” property, not bonds or derivatives, or downloads. you need to be on the street. and this is a relationship business, where we look out for the best interest of our long-term clients. that’s why we play games with ruthless all-cash investors - to protect our clients form being bullied into low offers. i HIGHLY doubt a call-center salaried employee across two oceans or a website would give a rat’s behind about any of this, don’t you? fl guy - you’ll remain broke for the rest of your life. just don’t spread your negative ideas to anyone else, please.