I read a question, posted online, recently, where a buyer said that they were looking at making a cash offer on a bank-owned foreclosure. Specifically, they were wondering whether a bank would take a cash offer for less than the listed price. For the purposes of this post, let’s assume that they mean “will the bank take far less than the asking price if I’m paying in cash?“
The answer is that the bank might … or they might not. I’ve seen competing situations where sellers have taken less money for cash offers, and I’ve seen other situations where an offer with a financing contingency eventually won because other terms made it more attractive. So the short answer is no one knows. The long answer is that if you’re making a cash offer on a foreclosure (also considered an REO (Real Estate Owned) or bank property), consider:
Does cash get you in the game? Absolutely. But it’s not the only thing you’ll need to be successful.