Friday, March 04, 2011

Cash-only homes on the rise

I recently read an article in the business section of the LA Times about how all cash buyers are grabbing homes in record numbers.

Nearly 100% of the Probate and Trust properties we list require buyers to pay all cash. This is because they are being sold "as is" with no contingencies, i.e. financing, inspections, appraisals or any approvals. And in most cases the Seller will not do any repairs including termite and retrofit. Who can afford such a deal? Investors that's who! We have definitely seen more investors and investor groups making offers as well as coming to court to overbid.

As the article points it's incredibly difficult to qualify for jumbo loans from lenders who are still reeling from the mortgage fallout. On the up side, unemployment is at its lowest since April, 2009. Since jobs are so directly related to the real estate market, we are hopeful that things will level off.

To read the article in its entirety, please click here:

The Sanborn Team has been selling Probate and Trust Real Estate for over 30 years. Please call us for all of your real estate needs! To find out more about us and our Probate listings, please visit our website at: