All-cash offers are killing us
We are well qualified buyers who are continually getting beat out by all cash offers on properties in the New York City area. This past week a 1.2m offer on a property was beat out by an all cash offer below asking. We have over 2m in assets (stocks and property) but this is not easily liquidated form a tax perspective. Is there a way to leverage our assets for a short period of time to secure a property and then refi? Thanks in advance for any help.
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Listen if you know you won't have problems with financing you can always waive your financing contingency (cash offer). Just make sure you leave enough time for due diligence and lending before settlement, because you could lose your EMD if financing issues cause you to not be able to settle on time. It's riskier, but come settlement day the sellers don't care if you're paying them their money or the bank is.