Quote:
Originally Posted by Zeke
Now the other party could have had cash but that should not make a difference on the bank that held the deed balance sheet.
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Cash is king.
Especially if it’s up against a jump through hoops to get a mortgage source of funding.
Remember the house has to be fit to occupy or the mortgage won’t fund, and you can’t fix stuff until you own it. Catch-22.
We bought a repo in 07. It took paying cash to get it. We borrowed the $.
We closed two days from the offer being accepted - it took that long to get the funds into escrow. If we’d had to try to get a mortgage we’d be living elsewhere.