Will an offer of $17,000 cash beat an offer of $24,000 loan?

I have the cash offer on a $24,000 list price house. I'm just curious which offer would win? I'm not really sure I want the house anyway, or I would offer more (like $19,000.). I do not know what the other person has offered for the house. Maybe it is not $24,000 loan , but maybe it is only $7,000 cash or loan. I don't know. There's probably a confidentiality agreement about such things. Maybe they offered more than $24,000 loan? or maybe THEY have cash as well??? See, here, I have the opportunity for an average house (that NEEDs cosmetics= paint!!! and not so cosmetics= roof and septic -eventually) ... but why buy a $60,000 house that will need a roof in 20-30 yrs anyway? I can put a roof on the average low cost house now! I can fix it up! I like that! I'm an artist! I have time (to call people and research people to do the work for me!). I have another $3,000 in another account to fix up the house. I am 100% sure the roof will last one year (where I can save $1000 a month to fix it in 10-12 months!)! If I own the house outright, I have the option (be this a good thing or not: I have the option to NOT purchase house insurance that can cost $100 or more per month!). I also would have lower taxes than a $60,000 house, hopefully. also in the city. However, a $60,000 house in a rural area (that I love much, Much much more, ) the taxes are a mere $600 per year. But who knows the status of the roof? I'm going to end up with a $60,000 loan and a roof fixing loan in a few years? or at least in 20-30 yrs anyway. Do you have any interesting advice for me? Who does not want the $60,000 nice house? LOL. Obama's gov. tax credit (I get $6,000 back on the $60,0000 house, looks pretty darn good! doesn't it??!) I also have a $10-19,000 I could potentially put as a down payment on the $60,000 house? (Or I could buy a car for the 9,000 as I will desperately need a car in a rural area, yeah, there is a bus, but it is very limited service. You must be gone all day at "w0rk" for 8 hrs, there is no return trip home until then.) Also, I know a special store that delivers groceries if you order $400 of food. I even get car rides to medical appointments for free. So, it's possible. Thanks for all your help!

3 months ago - 3 answers