For home buyers who need to finance their purchase using a mortgage, a cash buyer can be their worst enemy.
That’s because when a buyer makes a cash offer, the seller knows it’s a solid deal–and that financing hiccups won’t delay a closing. Sometimes, that’s enough for the seller to accept a lower bid for a cash deal instead of a higher bid from a financing buyer.
It happened to a client of Dan Quinn, a real-estate agent who works for Prudential Carruthers Realtors in Silver Spring, Md. Against a cash buyer, the financing borrower just couldn’t compete, Quinn says.
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