Why some sellers insist on cash

REThink Real Estate

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Q: I'm trying to buy a house right now and I'm frustrated by the number of houses that say they are taking only all-cash offers. I'm really looking for a great deal, and when I e-mail the listings to my agent, a lot of times she'll say the sellers are looking only at cash buyers. We're talking hundreds of thousands of dollars here; who do they think has that kind of cash lying around? Also, do these people ever change their minds? Should we be making offers on them, even though I'm trying to use an FHA loan? A: I feel your pain. It does seem as though every quarter, the proportion of homes listed on the market that are infeasible for the average homebuyer to actually purchase grows. Interestingly enough, the National Association of Realtors 2009 Profile of Home Buyers and Sellers revealed that 92 percent of home purchases are financed using some sort of mortgage. That sounds like everyone, but in reality means that 8 percent of buyers are purchasing real estate with all ...