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STORM SEASON
Important Note:

June through November our agency may become prohibited from binding coverage should a “Tropical Disturbance” enter the Gulf of Mexico or Caribbean Sea.

In these cases we may be unable to bind new coverage quoted in open proposals until the storm leaves our area and our binding authority has been restored.

Please arrange your coverage protection early to avoid this type of delay. While we regret any inconvenience, the carriers impose these restrictions on all agencies.

Before Your Accept That All Cash Offer

Before Your Accept That All Cash Offer

When selling a home, the ability of the buyer to obtain a mortgage is a factor many sellers must consider. Once you accept an offer and your property goes ‘under contract,’ you miss out on additional interested parties. If the buyer’s loan falls through for any reason—perhaps because the appraiser undervalues the home—it’s all too common to find yourself right back where you started, and you may have lost weeks or months in the process.

An all cash buyer removes the risk of such hassles. With no mortgage involved, less can go wrong—financially at least—before closing. However, there may be hidden catches.

Greater Demands

Many all cash buyers are investors looking to make a profit flipping the property or converting it to a rental. Because cash transactions close quickly—in as little as 10 to 14 days compared to the 30 to 45 required for most mortgage purchases—the buyer may want you out equally fast. If you’ve already moved into your new home, this won’t be a problem. However, if you were waiting for one property to sell before closing on another, the buyer may force you into interim accommodations.

Some cash buyers are also particularly demanding when it comes to items included in the sale. While it’s customary to leave behind ‘fixtures,’ loosely defined as anything that is fastened to the home (such as a chandelier) or an integral part of the design (like built in bookcases or the fireplace mantelpiece), an all cash buyer may decide he or she wants some of your personal belongings (like an antique mirror on the wall or statue in the garden) as well. Refuse to comply and you could lose the sale.

Antagonistic Behaviors

Whether you’re dealing with a buyer who is paying cash or using borrowed funds, you can expect some negotiation. Offers under asking price are not unusual, and you should not take them personally in most cases. However, some all cash buyers believe they have the upper hand and project an attitude of superiority because of it. They make an offer that is substantially less than the market value based on recent comparable sales and then rely on bullying tactics rather than negotiation.

These antagonistic behaviors may include insults about your property and the way you’ve maintained or decorated your home as well as repeated harassment if you request time to think about the offer. Some will do anything to make you feel as though you won’t be able to find anyone else willing to purchase it. Fortunately, if you’re working with a real estate agent, he or she may be able to mitigate these unsavory tactics.

Scams

All cash transactions that turn out to be scams are not unheard of. In most cases, they involve a personal or business check written for purchase of the home followed by a subsequent ‘change of heart’ and request for a refund. If the homeowner or real estate agent refunds the purchase funds before discovering the original check failed to clear the bank, they lose hundreds of thousands of dollars.

If you’re entertaining the idea of accepting an all cash offer, be wary of buyers who don’t personally view your home. You should also exercise caution if a buyer contacts your real estate agent by email and never conducts business in person, or agrees to your asking price without negotiation.