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Discount for paying cash

Have heard a lot of people talk about getting a huge discount in the asking price on a house for paying cash. Anyone know about how much this usually runs? Also, what's the usual "negotiating" markup they usually put on real estate?

Thanks.
joe.

By jh816 on Jun 26, 2006, 16:51 in Friendly Talkzone.

mecca says on Jun 28, 2006, 19:06:

lots Lots of colombians pay cash for their houses...what option do you have..i just finished paying cash..if you want to own there..I just don't see an option...though your point is very well taken...even though i bought my place...when in cali..."i'm just renting here" is my response...

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mecca says on Jun 28, 2006, 19:10:

sorry...the discount thing... sorry..it depends on how much the place is....if it's high end...ask for 25-30% discount.(500million and up)...if it's less..you'll probably have to settle for less...expensive places in colombia have very few buyers and you can steal them now....absolutely steal just got a big place for a song in cali...but the lower ones have more buyers...same as in the states...except the cash thing really separates who can buy and who cant...

negociate hard you'll get your deal..

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SirTropical says on Jun 29, 2006, 10:48:

yeap.. rule of thumb In Colombia the Cash rules
if you're planning to buy real state and have cash.. I ssume that regardless of the price it will always be a great bargain opportunity... as long as you're buying off course from a direct vendor not from a bank or financial institution as credit and mortgage is their way of making profit

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juanalejo says on Jun 29, 2006, 20:32:

Credits Most banks will approve credit in 24 hrs and will issue a check to the seller within 2 weeks as they do all the legal process. If you are buying cash it will take you at least a week to make sure everything is in order and finish the sale. So a week does not make that much difference in most sellers mind, at least in my personal experience. Yes ask for discount, it is a good time for it specially if it is a used place. And if you take into account the problems many people have had with "hot" money, many people rather wait a week and get a check from a bank. Those interested in selling cash are usually those who have undervalued the property and want to sell it with some money under the table to "save" on taxes, and that in the long run can catch up and bite you with long tax bill.

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