The Park City real estate market continues to flourish despite national economic hardship. A very real trend that I have witnessed for years but especially now, are multiple offer situations containing both cash and financed offers. Cash offers are notably alluring for the seller in a multiple offer situation. But I’m here to support the little guy. The buyer who can’t pay cash. The buyer who can’t pay cash now and refinance after closing. I’m here to ask sellers to seriously consider and accept offers with a financing contingency. 

Why would I suggest a seller accept a financed offer vs. a cash offer in a multiple offer situation? 

1. If a buyer is pre-qualified with a great local lender there is low risk that the loan will not close.

2. Lenders, despite how extremely busy right now, are still closing loans in 30-40 days.

3. Financed real estate transactions are contingent upon an appraisal. Are you that worried that you have overpriced your property that it won’t appraise? If your home does not appraise this does not have to kill the real estate deal. It’s all about negotiation. 

4. If the lender bungles the deal and there is time left, another great lender can and will come in and save the transaction. I have seen this happen on several occasions, sometimes without even needing to extend the finance and appraisal deadline. Let me know if you need the names of lenders who can salvage a tough situation on the fly.

5. Because you may have been there once, all those years ago. You didn’t have enough funds to purchase a dream home for cash. You were in a cramped apartment with two kids and a fur baby, busting out at the seams. Maybe your parents helped with a down payment, maybe you were able to get a loan. Someone was kind to you and accepted your financed offer. 

It pains me to see endearing young local families struggle to compete in Park City’s real estate market. I am not suggesting that they are entitled to own something fabulous. They are hardworking people who earn good money and happen to need to get financing to move up into a better housing situation for the wellbeing of their families. Please give them a chance.