According to figures recently released by Realty Trac, “all cash” purchases accounted for almost 43% of sales of residential property in the first quarter of 2014. This trend is expected to continue for some time in the future but at a slightly reduced level.
Here in Jersey City downtown, buyers looking to clinch the deal on the purchase of their dream home use “all cash” to convince the seller to accept their offer. With multiple bids, “all cash” gets the seller’s attention and the house.
Buyers who pay “all cash” to purchase a home now have the opportunity to take advantage of a new loan product that allows them to cash out on their equity right after closing, instead of having to wait 6 months or longer. The loan called the “Delayed Financing Refinance” is a breath of fresh air for buyers who use all their cash to buy the house and find themselves short of cash immediately after closing.
If you wish to find out more about this new loan product or any real estate information, call Janice Hall at (201) 232-8577.
