Cash is often king. Buyers who can make an all-cash offer on a home can stand out when competition is tight. Cash purchases tend to pose less risk that a deal will fall through from a low appraisal, have fewer financing hang-ups, and tend to make for faster transactions. All-cash deals comprised 20% of sales over the first two months of this year, up about 5% compared to a year ago, according to a new analysis from realtor.com®.
As I've mentioned before, if you can find enough cash to purchase a home you want to buy you might consider doing it and then procuring a traditional mortgage after you close to recapture your cash. When you start looking you might be surprised where you can come up with $$$ like a 401k loan, relatives, loans against assets, friends, etc. Keep in mind that this would only be temporary since you will get a mortgage after your home purchase to replace the funds received. Check with your mortgage lender before proceeding to make sure you have all bases covered and fully understand the process.
Full Article here: More Buyers Paying Cash to Win Bidding Wars
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