Thursday, March 3, 2011

Looking for a Cash Buyer!

Awesome views of Lake Washington.

Two days on the market, and no offers yet. Phones ringing off the hook for the listing agent. Over a dozen real estate brokers through on the first day of listing. Bank-owned and priced to sell.

Definitely a "hot" deal. Definitely will go fast. Houses in this part of Seattle do not come on the market often; at least not ones where you step out your door and immediately onto the linear park that runs along Lake Washington Boulevard between Stan Sayres boathouse and Seward Park.

This house is priced well-below tax-assessed value, and at $340,000, significantly below Seattle's median home sales price of $375,000.

So what is wrong with it? It is a 1938 house in pretty much original condition. It is a major fixer. But in a neighborhood of million dollar homes and million dollar views, there is room to invest a substantial sum and still retain big equity, even in today's market.

Even in today's market, I suspect there will be a bidding war for this property, multiple offers, and that it will go for more than the list price. The successful bidder will likely be a cash buyer, who does not need bank financing (or who will get bank financing AFTER paying cash for the house). Nevertheless, proof of funds or a prequalification from Wells Fargo are required to even submit an offer.

Deals are out there, especially for cash buyers. Cash is king in this market, and NOW is definitely the time to buy....

PS. Please call me IMMEDIATELY if this property is of interest....

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