Cash vs Financed Offer in Real Estate

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Video Transcription
Aloha. This is George Krischke, with Honolulu Hi 5.

Today, we’re going to talk about cash offers. Cash offer means there’s no financing involved, and
that’s great news for the most part. That eliminates the lengthy loan approval process and greatly increases certainty of closing. Sellers love cash offers. While most financed transactions may take at least 30 days at a minimum, often 45, and sometimes even 60 days, cash offers could close in theory as quickly as 1 week, as long as escrow can order the conveyance documents and get it all recorded at the Bureau of Conveyance.

Cash is king. Sellers love cash offers. However, there may be some strategies that could be considered if you are making an offer that is financed. There are some strategies that could increase your chances to get
your offer accepted. One is obviously to get a preapproval letter, attach it with the offer; we talked about it in another segment, and a well written cover letter. Always have a well written cover letter attached with
your offer. Your agent can do that for you.

Often equally important, and this gets overlooked a lot by agents, I see this all the time. It’s very important that the buyer’s agent communicates with the listing agent. It’s the quality of the direct communication that can make a difference. I can share many stories there. Agents overlook
that, so that’s an important part.

That’s it for today. Thanks for watching. ~Aloha.


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