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Cash is king in my book and as you know the Real Estate market around the country is continuing to flounder. Prices in Broward County continue to drop and many deals that are in contract don't even make it to the closing table... so there is nothing more gratifying than cash buyers.
I'm not sure if all cash buyers are educated enough to know what they will need and how much preparation it really takes to close on a purchase in this day an age and I hope they realize that this could be the largest transaction they will ever make in their life. Some are being misled as to what they really can qualify for and some just continue to shop around for different rates once they are in contract and do not realize that they just extended their closing date without amending the contract. With a cash deals you have fast closings.
It is hard enough for a Realtor(R) to close any deal in todays market but if you are lucky enough to make sale without any financing involved then you just might as well consider it a done deal. That is what we have been lucky enough to do over the last three months. "I love these type of deals".
My partner Steve is our buyers specialist and has had numerous referrals coming over from Canada and he has been working feverishly showing them anywhere from 30-40 properties in 2 week clips. Now the reason he is showing them so many properties is because there are so many available and these buyers know exactly what they want. These people are not real estate investors. They fly in from Canada just to preview these properties and then they fly back and we begin negotiating. They know the community and they know most of the people who live there. They know that the community provides every convenience they will ever need.
This most likely will be their last stop in life as this is an adult living community in Deerfield Beach. It is one of the most popular places for adult living in Broward County Florida so we want to make sure that they are comfortable and happy with our services.
We have been getting a few referrals there. We have closed on many seasonal rentals and some even turned into a few purchases later on. Over the last 3 months we sold 4 condos in the complex and today I am proud to tell you we have another closing today...YAY ...it's pay day! The best part of it is that I do not have to worry about someone calling me to say that they need an extension to close because of loan issue. Why?...well I mentioned earlier that these deals are cash deals and any other issues that could come up have already been nipped in the bud. We even had one that closed in 2 weeks...probably the fastest deal we ever closed. That is what you call.... one of those fast closings.
We are also working a buyer who wants to do a 1031 exchange...he is from New York and I scouted out properties in Hollywood Beach for him and we have an offer in place and I am pretty confident it will be accepted..another cash transaction.
So if you can some how be fortunate enough to have one of these deals then run with it and have fun. I know I am grateful. Today is a great day in Real Estate for us...a closing!
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Neil,
Cash is the king of all, I know it doesn't help me that much with cash buyers, but it's still nice to hear there is business out there....
Tom
Congrats to you.... and your good day!!! I had a crappy one yesterday so could you pass off some of that "good" karma this way.... Have a GREAT DAY!!!!
Congrats amigo, what a start to the day. Keep on keeping on!
Good deal, Neal. I have a new construction home that is going under contract and is a cash deal. I am thankful for anything.
Jeff
So where are you taking me to celebrate? Are you taking the clients out first?:)
Congratulations Neal!!!! I love those cash deals.
No cash deals but got into contract yesterday with another buyer. Seems to be picking up a little...with buyers,
I love 1031 deals. Buyers are motivated because of the time line and they tend not to fool around.
Tom,
I know it does not help mortgage brokers but how can I so no?:)
Desiree,
Sorry to hear about your day..we all have them but once in a while don'T you think we can be rewarded? what is the sense of doing what we love if it is always not enjoyable?
Jason,
Thanks for the comment and stopping by to read...viva la rassa!
Jeff,
Exactly...anything is gratifying in this market..good luck on yours...by the way we just closed!!!!!
Dianne,
Yeah...we just closed!!! on time no waiting!
Sally,
As long as the deals go to closing then
Randy,
1031 is the king!!!
Neal, Do you owe me any money? Cash is indeed King!!!
BB,
Not that I know of and we just got back from one of the closings on time!!!!
Neal...
I think after all of this you need to do two things:
:)
TLW...ROAR!
Billie,
I Already responded to her with the check...she doesn't need me to leave a comment but ok...you talked me into it..:)....hey hun.......here is a check remember those?:) Like I said is definately king!
The Real Deal
Neal
You are king. You make it sound like fun just describing it. I am so happy for you and I hope you get dozens more. Very good post.
You are so right about cash.. or as Daddy said.. them that got the gold rules.. .. I never thought about Canadians buying property in FL.. but makes lots of sense..
Neal,
Love cash deals! Congratulations on getting the job done, enjoy dinner with your wife! :)
Neal, take Wendy to dinner first. Or take her with you. Congratulations on your closing. The market will recover, FINALLY some of my listings are under contract.
Neal, congrats on this one and the others. There is nothing better to hear than an all cash deal...music to my ears! Luckily I haven't experienced a drop out rate and don't intend to.
Did I hear that you were buying us all dinner?
Roberta,
Thanks for the kind words...and king? not me...just do my job and hope they close and if it happens to be cash..then cash is king!....and it was fun.
Kaye,
they buy here because although they love the cold air...the love the warmth here as well. they are just like birds flying south for the winter.
Suzanne,
Thanks...we went out but will go out again this weekend. We have been eating out a bit lately.
Missy,
It was done. Thanks and at least I know someone out there is buying some sort of Real Estate.
Gena,
Thanks.there is nothing better..good for you.
Cash ! Wouldn't it be great to be working with cash buyers, it was the few times I have, short easy closings. And the lucky sellers who get the cash buyers wanting their homes. If they could only all be cash.
Neal,
Even when cash is king, there are some transactions that take delay for many reasons, I hate when that happen that, specially when you are the buyer's agent and you submit an offer from one of your investors, they delay the acceptance to see if they receive more offers, bahhh !! :) so, sometimes it does not appear to be king on that situation :) LOL !!!!
way to go Neal.........transactions that go smoothly for all!
Michael,
I just got an accepted contract on the 1031 cash deal!
Ray,
The 1031 is an estate deal so there will be a small delay on the closing...but nothing earth shattering.
Dianne,
Thanks...I'll take 'em any day.
Neal,
I hear ya :)
Ray Saenz
Well just to let you know...our deal was accepted. Can't complain about that let a lone just an offer on anything.
Neal, Congtrats on your successful deal. YES all cash is great.
Neal, I do not want to date myself, but I remember when all investors had cash! LOL! Matress money whatever! They did not finance their investments, they bank rolled themselves for good positive cash flows, and returns on their investments! They did not won 10 leveraged properties, they owned 15 free and clear properties! Remember that term? "Free and Clear!" You do not hear that one much anymore! Get used to the term cash, and quick close! That is what gave investors a great reputation years ago, it wasn't creative financing! It was CASH! Great post!
How about a 1.8 Million deal all cash (Chinese $) - kind of makes you wonder.
Jim,
You are so right..in the olden days when mortgages were just something the all American family would get it was more money down with more realistic goals. Buy a home put some real money down and live there for 30 yrs. Investors were just a luxury if you could afford to invest...why not use cash and not worry about the equity being lost at a more excel-orated speed. Who ever thought of OTM was a genius but now it is killing most people who use hard money or creative financing and now they will feel the consequences. If I have cash to buy something then that means I can afford it. If I don't and have to use other peoples money then all that is .....is borrowing it and paying it back later.
Art,
:)
Neal-what a happy day! A closing...my mom will be happy to hear that.....I told her....You have to love those cash buyers.
Midori,
I spoke to her today...she already knows.
Cash is definitely King... good going!
Neal cash is always king!!. I know people still think it is easy to get everything done.... if you have a cash buyer?....they can do just about anything
Scott,
I'm glad you see it my way.
Matt,
I know for you it does not help but hey...Cash is still king:)