During the first 6 months of 2010, 63% of all the bank owned homes under $100,000 were purchased with cash. Why is this? Banks LOVE cashBanks that have foreclosure inventory on their books want to sell those homes quickly and they want to be sure that if they accept an offer that the buyer will be able to close on the property. Cash offers can close quickly and also eliminate concerns about appraisals and the buyer's lender approvals so the seller has higher confidence it will close. All things being equal, … [Read more...]
