MULTIPLE OFFERS, THE CASH BUYER & VETERANS DAY

By Robin Shapiro

I have long emphasized the importance of the cash buyer who does not have to wait for a mortgage approval and a bank appraisal in order to buy a house. The mortgage process can present difficulties which are worth avoiding if possible: repeated demands for further documentation by the mortgage bank from the buyer, causing delays and delays in establishing a closing date due to bureaucracy at the mortgage bank. For example, the bank attorney who attends the closing may have scheduling conflicts with the attorneys for the buyer and the seller who also attend the closing.

Further, the seller sometimes has the luxury of choosing from among several buyers. If a home is priced “right,” then several buyers can emerge within a narrow price range, although the Rockaway market hasn’t usually been THAT strong lately. I had a situation like this recently. Interestingly, the narrow price range of the several buyers served to “verify” the “correct” approximate price for the property. The seller chose to take the cash offer, even though it was slightly below the other offers.

This Saturday is November 11, our Veterans Day holiday.  Friday, November 10 is the Federal holiday. Most banks and the Post Office will be closed on the 10th.  Schools and the stock market will be open. Happy holiday to all! Call me. Love, Robin.