[quote=FlyerInHi]I agree ocrenter. And when people see people different from themselves pay for expensive things they cannot afford, they wonder what’s wrong.
I read somewhere dataquick reported 30% of transactions being cash. So according to SD realtor’s data, 20% all cash is low for Carmel Valley.
Buying cash is so much easier. Close within a couple weeks. Depending on your comfort level, no need for appraisal, title insurance, or inspection. No need for the notary signatures either because all you need is the grant deed from the seller.[/quote]
Especially if the property is an investment property. People can simply mix cash out refi along with savings to come up with cash for purchase. Or pay cash for a purchase, then obtain cash out financing, so they can use the cash for another purchase. We can’t make the assumption that cash purchase money is just 100% pure cash.
As for CV, you are looking at a group of people quite fixated on education and whose ability to save typically shock the average American. The fact that you’ll see Chinese cash buyers in CV is totally expected. I would have been shocked and puzzled if I don’t hear stories of Chinese cash purchases in CV!
