Questions for Brokers & Agents

Started by dwell

over 15 years ago

Posts: 2341

Member since: Jul 2008

Discussion about

Is a seller more likely to accept an all cash offer from a buyer instead of an offer subject to finance? Is a co-op Bd more likely to approve a buyer buying all cash as opposed to a buyer needing a mtg? How much cash does buyer need to have post closing? ie: 2 years maintenance? Thanks!

Response by kmbroker

over 15 years ago

Posts: 116

Member since: Jan 2008

a seller would be more likely to accept an all cash offer provided the offer isn't way below what another buyer with a mortgage contingency is offering. This is because it is much easier and faster to closing. However, a co-op board looks at the entire financial picture of the buyer. If the purchaser is paying all cash but has nothing left over they would prefer a mortgage. In general most boards look for at least 2 years mtg + maint payments to be left over in liquid assets. They also look for a debt ratio of around 25% debt ratio to gross income

If you look with an experianced buyers broker they can guide you as to what the particular building is looking for

klara madlin

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