MiamiRealEstateKing

Myth #1: There are No Cash Buyers; Myth #2: There is No Lending

In real estate on February 16, 2011 at 12:01 pm

I hear this from many buyers and non-believers. Unfortunately for them, there are cash buyers out there – and plenty, but there are also lenders lending.

According to the MLS (Multiple Listing Service), 2,076 residential units (single family homes, condos, townhomes and villas), closed in January, 2011. Of these, 582 were non-distressed properties, 433 were short sales (pre-foreclosures) and 1052 were REO (foreclosed).

Among all properties sold (2,076), 1370 properties sold for cash. Among these, 306 were non-distressed, 791 were REO properties and 267 were short sales.

The remaining 706 units closed in January, 2011, closed with some form of financing. The most common non-cash purchasing methods used by buyers these days were conventional financing and FHA, signaling that, contrary to popular belief, lending is NOT frozen – but buyer and property must both qualify.

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