Yes, cash does matter when buying a home in St Petersburg, Florida. Historically, sellers didn't give price concessions for cash unless time was critical to them. For most sellers, it didn't matter if their proceeds came from the buyer or the lender.
Today, well priced properties in St Petersburg will often have multiple offers. In most cases, the St Pete seller will accept the cash offer rather than the highest price. Of course it depends on the difference in price as well as other factors. The mortgage process is taking longer, a preapproval letter means less when "The Underwriter" adds conditions for either the buyer or the property, and too many appraisals - generally ordered through appraisal management companies - are coming in well below the contract price.
I agree with your premise--cash is always preferred. Like the Jimmy Fallon commercial, who doesn't want more cash. A cash buyer is a gem. Cash eliminates contingencies, whether it be applying for a mortgage, or having to sell another property before buying the present property. Charlie Gantz, Greenwood, IN; Principal Broker and Owner of Atlas Property Group, LLC.
I can see in a mutiple offer situation with a reasonable price where cash will talk. A lowball cash offer is not the same.
Cash is king. Sometimes mortgages fall through for a variety of reasons. Yes, a cash deal is preferred and may save some money to the buyer.
Thank you, Charlie, Gary and Erv, for the comments.
Charlie - cash doesn't eliminate all contingencies, but it does eliminate a lot of them. Hope to see you blogging again soon.
Gary - Yes, a lowball cash offer is a different animal. I should have added that caveat.
Erv - the buyer may save some on price and will save on closing costs.
Hi, Sally, Those are good questions for an attorney.