In the buying and selling process, it’s common to think that cash is king. But just because it’s been done doesn’t mean it’s always done that way.
Sometimes being faster gets you the deal. We had a client 2 weeks ago that was bidding on a house against 2 other cash buyers. He was putting 50% down but didn’t have 100% down 😉
Where there is a will there is a way, so to get the deal done, he paid a little more than the other 2 offers and we guaranteed a late payment fee if we didn’t close in the same 20 days that the other 2 cash offers had committed to.
Yes, we were that confident that we would provide a guarantee to the seller.
And so with a big down payment, we are able to get the deal AND get it done in just 15 days. Our mortgage team attacked the transactional process like the best Indy pit crew you have ever seen (or if you haven’t seen then think of the blur of the cartoon Tasmanian devil 🙂 .
So remember that cash is not always king if you can sweeten the deal for the seller.