New Home Finder

By Erik J. Martin CTW FEATURES Keen on claiming a home but worried that you'll get iced out or out- bid by competitors vying for the same property? That's a valid concern, considering how much continued demand there is for the low supply of increasingly costly homes on the market today. But there's a way to practically guarantee that your offer will be accepted pronto: Put up greenbacks for that do- micile instead of financ- ing the purchase with a mortgage loan, if you can afford it. "A cash transaction is when someone pur- chases real estate using cash rather than taking out a loan to complete the purchase," says Jona- than Breton, a Realtor with Roost Real Estate at eXp Realty in Char- lotte, North Carolina. "This is possible when a buyer has enough funds — through savings, in- vestments or other real estate sales — to cover the purchase of the home for sale." Per the National Asso- ciation of Realtors, 25% of home sales in the U.S. were cash transactions in February 2022. Which means a lot of buyers are putting their money where their home-hunt- ing heart is and pursuing this strategy. The advantages of of- fering cash are plentiful. "Sellers are more likely to accept a cash offer, especially if there is a bidding war," notes Aviva Pinto, managing director at Wealthspire Advisors in New York City. "Also, the deal will close more quickly, as no inspection, appraisal or underwriting is required. It eliminates the need for a bank or mortgage lender to be involved, and no preapproval is needed. No loan means no loan fees or points and fewer closing costs, as well." That first benefit cited above is the most impor- tant. "You will look very at- tractive to a seller when you offer cash because that minimizes issues arising that could cause you to back out of the transaction due to fund- ing falling through or not getting approved for a loan," Breton adds. Rachel Bennett, a real estate agent and homebuying expert with Orchard, echoes those thoughts. "Cash offers are four times more likely to get accepted by a seller these days," she says. The drawbacks to purchasing a home en- tirely with cash are worth considering, however. "Interest rates have gone up lately, but they remain historically low. Over the long run, you could make more money investing that cash in the stock market or else- where by financing the home with a mortgage loan," Pinto explains. "In addition, using all cash may leave you financially vulnerable; you may not have enough cash on hand for emergencies or if you need to make major repairs or renova- tions." Furthermore, your mortgage interest paid may be tax-deductible; cash buyers don't get to take advantage of that perk. Cash transactions work differently than purchases involving a mortgage loan. "Once a seller ac- cepts your cash offer, your title company or closing attorney will work with you to open title, research the his- tory of the property, and finalize sale docu- ments. Once this process is complete, you can move forward quickly with closing," Bennett says. "A cash deal can often close within 14 days, and sometimes the turnaround can be even faster. Title documents, inspections and paper- work can slow down this process, but a cash offer will still typically close much more quickly than a financed purchase, which usually takes 30 days or more." Don't let the "cash" part of this phrase fool you, however: actual dollar bills are usually not exchanged here. Typically, a wire transfer of funds from the buyer's bank account to the sell- er's account is executed to secure the transac- tion. Or, a certified bank check can be used at closing. "Usually, a wire transfer is done 24 hours before closing in order for the clos- ing company to have enough time to verify that all funds have been transferred and the buyer is good to close," says Nathaniel Hov- sepian, owner of The Expert Home Buyers. "I have actually heard of one buyer literally bringing dollars to the closing table, but that was on a very small pur- chase price for a home where it was easy to count the money. This is not recommended." How to purchase a home using cash Davidon Homes from page 1 and sliding doors to the rear yards with optional outdoor living areas. Primary suites show- case expansive bed- rooms, generous-size walk-in closets and spa- style bathrooms with hand-set ceramic tile flooring, dual vanities with engineered marble countertops, glass- enclosed showers, soak- ing tubs (per plan), and separate private water closet. Primary suites at The Crest also offer an optional romantic gas fireplace or private bal- cony (per plan). Comfortably spacious secondary bedrooms provide a welcome retreat for family and guests, with well- appointed bathrooms including solid surface countertops and easy- care one-piece tub/ shower surrounds. Select homes and plans also provide creative room conversions for extra bedrooms and bath- rooms, studies for home offices, lofts, and recre- ation rooms for a home classroom, fitness area or hobby enthusiasts. All of the homes at Park Ridge are built with quality craftsman- ship and an extensive array of energy-ef- ficient, comfort and safety features, includ- ing dual-zone HVAC systems (per plan), ceiling fan prewire in select locations, LED lighting, Low-E vinyl windows, water-saving showerheads and tank- less water heaters, fire sprinklers, and security systems. Front yards showcase profession- ally designed landscap- ing with full rear yard fencing. With a range of included designer features and finishes throughout, along with an impressive selection of options and upgrades to personalize your home, Park Ridge of- fers affordable luxury in one of Antioch's most commuter-friendly locations just minutes from BART, bus stops, and Highway 4. Lo- cated near Lone Tree Way and Canada Val- ley Road, Park Ridge is also conveniently close to schools, parks and sports fields, shops, restaurants, and the popular Streets of Brentwood. Two sales centers and model home com- plexes showcase these unique and architec- turally distinctive Park Ridge communities — both open daily by appointment on Mon- day from 1 to 5 p.m. and Tuesday through Sunday from 10 a.m. to 5 p.m. Visit us at The Crest at 5445 Mountain Ridge Way. For more information about this exceptional community or to schedule an ap- pointment, call (925) 303-2022 or email ParkRidgeTheCrest@ DavidonHomes.com. Visit us at The Hills at 5529 Summit View Way. For more informa- tion or to schedule an appointment, please call (925) 303-2946 or email ParkRidge TheHills@davidon homes.com. You can also visit us online at any time at Davidon Homes.com. Ask about our new release of a select group of highly anticipated new-home plans this weekend! 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