Cash buyers push out would-be homeowners [Northern California]
When Marianna and Shannon Chaffin saw the three-bedroom, two-bathroom house on two acres in the Madera County countryside, they fell in love and made their best offer — only to see someone else snap it up for $9,000 less.
Why? The buyer paid cash.
It’s a harsh reality for homebuyers in the Valley’s depressed real estate market: The houses are out there, but sellers want an uncomplicated deal, even if that means accepting a lower offer. And cash talks.
While cash purchases are driving up sales, they’re also making it more difficult for traditional buyers to compete.