April 30th, 2010 9:01 AM by Eric Fang
There are more and more borrowers would like to purchase rental properties with cash. Usually the lenders like the cash offer more than the other offers. And there are someother advantage as well.
I talked to a borrower yesterday about his offer. The dealwas ok, 200k purchase for 1650 sqft for a rental in Central Valley.The only problem is that this property does not have a furnace.And he said that the lender/seller did not allow to fix it.I told him that I can not get him the loan because of that.
So I advised him to bid a cash offer instead with lower price.
I hope it works. He may be able to get it since there are lesscompetition because everybody else can not get the loans either.
Cash-offer will help the borrower to get the deal in this scenario.