The sheer increase in cash buyers negotiating offers on Miami Real Estate is telling. Cash talks, and buyers offering to purchase for cash are in a better position to negotiate than those relying on traditional financing.
Talk is cheap… so cash offers really ought to be substantiated through a letter of financial introduction from the buyer’s financial institution. Real buyers should have no trouble asking their bank for a letter indicating that they have the funds to close on a property, and and for the value for which they are offering to purchase.
I’ve found that real buyers who are looking to pay cash for real estate have strong relationships with their financial institutions, and as a rule of thumb they have no qualms about asking that lender for a letter of recommendation. That letter needs only indicate that they have sufficient funds to purchase in the price range in which they are looking.
For any of your real estate questions, just drop me a note here. I will be happy to answer your questions, so just call me. Written by Vicki Restivo, Certified Luxury Market Home Specialist, EWM Realtors, Inc. Miami, Florida.
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