A. Agents are not permitted to answer a question like that. It is actually illegal. He is quite right that the best way to determine the answer is to spend some time in the area to see if you feel comfortable and if the area fits your general desired neighborhood, including schools, transportation, shopping, etc. There are also websites to help you make certain determinations, such as Sperling’s Best Places.
Q. How long does it typically take to close on a purchase?
A. For a co-op apartment, approximately 90 days, for a house or condo 75 days. If you pay all cash, subtract 45 days, which is the time it takes to obtain a mortgage.
Q. I’m selling my house, and I have two offers. The lower offer is all cash. Is there any advantage to taking a cash offer?
A. There are several factors to help you make this decision. If there is only a slight difference in price, you might want to go with the cash offer. First, you will not have to wait for the mortgage commitment to move forward. This is especially important if you plan on using the funds to make another purchase.
Additionally, if there is some question as to whether the house will appraise at the sale price, this might result in delays or even mean the buyer will not be able to obtain a mortgage. On the other hand, if the difference in price is substantial, it might be worth weighing the risks vs. rewards. The bottom line is that it is always best to review all the factors with a Real Estate Professional.
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