In the PMI chapter about "Building the sellers list" one of the important points they make reference to when talking to a seller is, "If I could offer you cash in two days what is the least you would be willing to to accept" My question is this: When they make mention to "cash" what is it exactly that they are referring to here? I mean I understand what cash is (obviously-that is why we are all here!), its just that if I understand correctly "conventional financing" would be the buyer qualifying for a traditional mortgage (30 YR fixed @ 5.5% etc and this would NOT be a Cash situation)and when they make mention of Cash are they basically just stating that Cash is easier to deal with b/c if the buyer has Cash they have either already qualified for the mortgage and are currently ready to buy OR they physically have a chunk of cash on hand to buy? Are they one in the same just based on where the qualification process stands? From what I am interpreting Cash just makes the whole transaction easier to deal with b/c of the timing issue. For example, someone who has to qualify for a mortgage may have to wait to hear back from the Mortgage company or a bank, which would not be advantageous, VS. someone who has Cash on hand and is ready to go. Why I ask is that I have a potential buyer for a FSBO that has stated that he "already has an approval letter for a mortgage". So I am interpreting him to be a conventional buyer vs cash right?
In the PMI chapter about "Building the sellers list" one of the important points they make reference to when talking to a seller is, "If I could offer you cash in two days what is the least you would be willing to to accept" My question is this: When they make mention to "cash" what is it exactly that they are referring to here? I mean I understand what cash is (obviously-that is why we are all here!), its just that if I understand correctly "conventional financing" would be the buyer qualifying for a traditional mortgage (30 YR fixed @ 5.5% etc and this would NOT be a Cash situation)and when they make mention of Cash are they basically just stating that Cash is easier to deal with b/c if the buyer has Cash they have either already qualified for the mortgage and are currently ready to buy OR they physically have a chunk of cash on hand to buy? Are they one in the same just based on where the qualification process stands? From what I am interpreting Cash just makes the whole transaction easier to deal with b/c of the timing issue. For example, someone who has to qualify for a mortgage may have to wait to hear back from the Mortgage company or a bank, which would not be advantageous, VS. someone who has Cash on hand and is ready to go. Why I ask is that I have a potential buyer for a FSBO that has stated that he "already has an approval letter for a mortgage". So I am interpreting him to be a conventional buyer vs cash right?