Cash v. Lending in today’s real estate market from the Atlanta Realtor’s Real Estate Summit
Atlanta | Mortgage | Real Estate |
We had the pleasure of attending the Atlanta Realtor’s Annual Real Estate Summit on Friday, March 4th to get some insight into the current state of the economy and specifically the impact we’re feeling here in Atlanta in our industry.
David Haddow, President of Haddow & Company and part-time instructor in the College of Design at Georgia Tech was the keynote speaker and delivered an economic development update for Atlanta.
Jay Perlmutter of the Atlanta Neighborhood Development Partnership provided an update on the state of affordable housing, upcoming projects, and what REALTORS® can do to help, with a primary focus on down payment assistance, first time home buyers, and veterans.
Finally, an Industry Panel featuring DeAnn Golden, SVP-Regional Manager, Berkshire Hathaway HomeServices; J.D. Crowe, President of Southeast Mortgage of Georgia, Inc.; and Whit Marshall, 2022 President of Greater Atlanta Home Builders Association (GAHBA) answered questions about today’s market from their unique points of view.
We transcribed a portion of the video recording from that summit where Crowe talks about cash versus lending in the current real estate market.
Crowe said in response to being competitive in a market where cash is reigning king and often winning the bidding war on homes for sale today:
“We can write a loan and close it in 8 days. Um, so, a lot of times that’s faster than cash. Moving cash and selling equities to generate cash takes time, especially if you’re talking about a lot of money. So, um, talk to the lender early, have a real approval and go out with confidence that you can write a cash offer, check that second box that they have the right to financing and offer a contract that really is as good as a cash buyer.”
What do you think? Is this a tactic you’re using to win the bidding war? Tell us in the comments below!
To check out the entire Atlanta Realtor’s Association Real Estate Summit presentation, click HERE!
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