Why cash sale over mortgage sale?

following reasons:
-Seller has overpriced the unit and knows it would never be appraised at that value. Bank would not give loan for sellers amount
- co-op financials are not in order, bank would not give loan
- co-op is going to announce huge increase in maintaince, sellers wants out QUICK before its disclosed
- the property does not have a cerificate of occupancy therefore bank will not give loan at this time

Basically, I ccan only think of negative reasons... anyone have postive reasons for the buyer??

no interest on a mortgage?

#3 - we are speaking about the perspective of the seller. .they dont care about your interest from the mortgage.

"Basically, I ccan only think of negative reasons... anyone have postive reasons for the buyer??"

1) lower chance of the deal falling through
2) faster close

Better leverage to negotiate the deal with cash (from buyer)... very fast close. Ability to be creative with financing if putting lots of cash plus getting a loan

tax evasion.

accepting cash gives you more potential buyers with lots of money....... like drug dealers

Most of these comments could lead a buyer to think that any reason for a seller to want a cash deal is insidious. Another reason is alot of buyers are flakes,or get cold feet midway through a deal(even if there is nothing wrong with the deal) and if they want to they can find ways to NOT get a mortgage and therefore pull out of the deal without penalty. This holds the unit off the market for that time, costing the owner time, aggravation, other potential deals lost, etc.

#2 is correct.

BTW--it is not that the owner prefers a cash deal per se, but simply a "no mortgage contingency deal"--also referred to as a cash deal. it simply means that while the buyer may in fact obtain a mortgage (and more often than not does), the deal is not contingent on it.

there is really no positive for a buyer to sinin a no mortgage contingency, but is quite common particularly in more desirable units. The only positive is to get an apartment where the owner may otherwise have opted for someone else. There are other threads pertaining to this on streeteasy. Buyer needs to make sure their owner has done thorough due diligence and that they themselves are amply comfortable with their ability to get a mortgage and--if need be--couh up a bit more cash to cover any discrepancy should the unit not appraise.

I meant they need to make sure their lawyer has done thorough due diligence. sorry.