AgentIndustry News

Cashing in on all-cash deals

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This article, reposted with permission by The Real Deal, highlights policies and proposals floated to get New York City's real estate market back on track. Click here to view the original article. By C.J. HUGHES NEW YORK -- Everyone loves cash. Nothing new there. But in this market, cash deals are even sweeter. In some cases, a one-time payment could even be the only way to close a sale, according to brokers, attorneys and developers. And discounts often await all-cash buyers. There are other benefits: less paperwork and fewer delays in getting deals done. No long waits for banks to pore over buyers' financial records, only to reject them on the eve of closing. "Cash used to be king, but now it's the emperor," said Luigi Rosabianca, a real estate attorney who says 50 percent of his clients have paid cash so far this year versus 20 percent in 2007 at the market's peak. The exact number of cash deals is difficult to determine; property records on file...