The “cash” offer in this case is the only way it would be attractive. This type of deal wouldn’t work if there is a mortgage on the property. In that case, they would then own a 2nd TD. We are offering them a 1st TD. Plus, with the crippled credit market, I don’t think you could get a Jumbo loan without an 800 credit score. Builders have to know that qualified buyers with no contigencies are few and far between.
The units are already upgraded. No one would spend another $100 psf for upgrades so that is not an option.
I know that builders want to sell and be “done with it” but they are not going to have a choice. They can either book a sale sometime in the next few months or they can sit on the units for another 12+ months while the market continues to deteriorate while the carrying costs cripple them.
