A cash purchase in Northern Virginia typically gives a homebuyer a good chance to get a discount on a property. However, the amount of their discount depends on a number of factors, including condition of the home and how much interest it is getting from other buyers. Generally, cash buyers get the biggest discounts on places that need a lot of work. Cash buyers got much bigger discounts in the wake of the financial crisis of '08, when there were a lot of bank owned properties, foreclosures, short sales, etc., and loan money was very tight.
Cash Purchase – Northern Virginia Real Estate
In the current market, it's very easy to qualify for a loan, so sellers in Northern Virginia are usually much more focused on their net proceeds from the sale. The reason for this is that it's very easy to close on a property with a loan, and properties that are well priced don't typically have problems with their appraisals. One of the biggest advantages of taking a cash offer is the ability to close, and not having an appraisal contingency.
Read Part 2 of my blog series on the pros and cons of a cash purchase in real estate
Are you looking for a Northern Virginia investment property? Email me at DarrenRobertsonHomes@gmail.com for a list of bank owned properties and short sales that are currently available in the area of your choice!