In today’s credit crunch economy, cash is literally King.
In short, NO.
A seller may have many reasons to sell their property. An all cash offer, is always inviting to a seller, but an all cash offer does not mean that the deal will close. Many sellers are experiencing a change of funding source after the offer is accepted, but prior to close of escrow.
Other sellers are having issues before the close, with a potential buyer walking away from the deal, most likely due to a funding issue. Other issues have been extended closes primarily due to a change in funding source prior to the close of escrow; going from an all cash offer to conventional funding.
Should a buyer lie about their funding source, or offer a higher price than market just to get their offer accepted.
No, lying is not an honorable quality.
Always be up front with a potential seller. If your funding is from conventional financing then submit a copy of your pre-qualification letter along with your offer. Show that you can potentially close the deal, but it may take longer.
If you decided to offer a higher price, then be careful with that strategy, make sure the offer price is worth the market value of the property.
Even though there are many cash offers promising quick closings, this is still a real estate market where a conventional buyer can compete.
But if the seller wants an all cash offer, that seller has to be ready to accept a lower sale price.
So, if Cash is King, and you have a conventional funding source, your offer may still be accepted, if you use the correct strategy to get your offer accepted.