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In homebuying, cash is king again

Posted by Bonnie Martin Designated Broker on Thursday, June 13th, 2013 at 9:08am. - Right now homebuyers across the country, already in frenzied bidding wars for homes, are increasingly losing out to the almighty all-cash buyer.

To answer why, you have to look at the appraisal process. Price appraisals are common during the home selling process. They confirm that the home’s value is not substantially below the asking price. The step is necessary for buyers who are getting a mortgage—the bank won’t lend buyers $300,000 for a home worth only $250,000.

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