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Cash is king when buying a home in St Petersburg Florida

 Today, cash is king when buying a home in St Petersburg, Florida. Historically the seller was more concerned with the amount of money he received and didn’t really care if it was a cash sale or financed, though a faster sale might have some importance to him. 

If a St Pete property is priced well, it’s not uncommon to have multiple offers. The seller may well choose the cash offer rather than the highest price. Mortgage approvals are taking longer now than they used to. Preapproval letters are no longer as dependable as they used to be. Appraisals (now generally ordered through third party appraisal companies) are often coming in well below the purchase price. As a result, sellers are often opting for the offer that is all cash, especially if the sale is not going to be subject to an appraisal.

 

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