Chicago

[chona]

I recently put a bid on a home that is listed short sale, My agent told me there had been previous bids on home before and that the owner had rejected all of them. The owner was looking to get pretty close to asking price, I offered just that, and now she says she only wants cash offers....Can she do that? or is this a stalling tactic, to buy herself more time to be there mortgage free... Very dissapointed...

[BugMeNot]

Yes, the seller is free to ask for cash-only offers, and it does sound like either that particular seller is deliberately trying to turn off buyers in an effort to live there a little longer without paying the mortgage or has other sufficient assets/income to make it certain s/he will be responsible for a deficiency judgement and is therefore holding out for a high offer in an attempt to minimize the amount of the judgement.

[Greg-Whelan]

Hi Chona,

If the home is a condo, there may be a good reason the seller is asking for cash offers. There are many condo buildings which are also distressed, and in these buildings, it would not be possible for someone to procure a mortgage.

[chona]

Thanks for the response.. Can you explain to me what and how the deficiency judgement works? Thanks Again..

[DISGUSTED1]

Greg you have a source to find out which associations are in trouble ?