Cash investors have moved from lender-owned homes to short sales, according to a new study.
According to the study released last week by Fletcher Wilcox, vice president of business development for Grand Canyon Title Agency, Inc., 50 percent of short sales made in April were purchased with cash. A year ago that figure was 40 percent.
According to the report, “Cash offers make it more difficult for noninvestors to buy when they attempt to buy a short sale with financing. Short sale lenders often prefer cash offers over offers with financing.”
The study used the sales in the Valley reported to Arizona Regional Multiple Listing Service, Inc.