Foreclosures are sold "as is". When it's "cash only"....it's because the condition of the property is such that a mortgage cannot be obtained.
Saying it's cash only....saves everyone time and avoids an effort in futility.
CR....have you tried to see if it will qualify for a FannieMae HomePath mortgage? Or a rehab loan? A rehab loan usually requires a pretty large downpayment. I have never had anyone do a HomePath, but I think you can get the info about it on FannieMae's website.
I would be a bit suspicious about the cash only offers.
A new wrinkle has come up in home buying lately in my area. At least 3 reports in the local news of people buying homes with cash only to find weeks after they moved in the family became very ill.
After doing all the regular checks for carbon monoxide and lead paint unfortunately it was discovered that someone living in that house had made Meth. The fumes had invaded the walls and flooring.
Naturally walls ,flooring, rugs, had to be destroyed. The cost to make the place livable is about 1/3 of the selling price.
This is a problem for landlords as well. and really being kept secrete as the cost to clean up a house or apartment after a police raid is astronomical.
In the old days it was difficult to sell a home or rent out an apartment where there had been a crime scene or suicide. Today is a whole new ball game with what does or does not have to be disclosed to the buyer.
One landlord in a near by town went Ape S**t when one of his renters was arrested for manufacturing drugs in her kitchen. The woman was 70 freaking years old. When her address was printed in the paper the landlord and the reality groups tried to get the local papers not to print addresses as it would take a few months for people to forget that the apartment with its fumes could kill or at the least make seriously ill the new renters.
A retired Lady I know was renting just below that apartment and I asked if anyone had checked the air quality in adjacent apartments. She was confused as she and the other seniors had no knowledge of manufacturing drugs or the consequences to others.
A savvy buyer with children would do well to inquire about the history of the past home owners or renters, even down to police reports on the neighbors.
This is not the world I grew up in. 15 years ago when I bought my new home I lucked out as it was May and I could keep my windows open to vent the chemical fumes for 4 months from the wall to wall carpets and what ever else the chemical were in.
Follow your nose, if you smell something odd or a very strong smell of bleach or Pine Sol make sure you find out why the smell is there.
To be really bazaar, I wonder it anyone ever bought John Wayne Gaseys home.?
