Buying a home with cash

Being a cash buyer may not be a huge deal to many sellers.
The real benefit is time and security. You don't have to wait for a buyer to secure financing, and they don't have to worry about a mortgage contingency - or that the deal will fall through b/c of financing. It's still relatively easy for buyers to find affordable financing, and most sellers aren't looking to move within days/weeks.You're more likely to get a discount b/c of competition, recent prices, DOM, etc.


On a side note, I'm sure you have your reasons, but why pay cash when it's still relatively easy to get a return higher than your interest rate?


Not to try to be a financial advisor or anything but once you get your new home with cash, you may consider a small cash-out loan. While the rate may be a little higher than what you'd find on a 30 year fixed, the payments could help you restore a solid credit history. On the other hand, if you can afford to pay cash for the most expensive item most people will ever buy, who cares about your credit? Keep it bad, you'll be at a lower risk of identity theft and you probably don't get so many credit card junk mail offers every day!
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As was mentioned before, there are not a lot of negotiating advantages with going straight cash. You will still have a closing and instead of a loan officer handing them a check it will be you. There is not exact formula in making an offer on a property. Do your homework on the past sales, past appreciation, community, neighborhood, schools, and shopping.


Once you do your research, come up with an offer that you feel that will work for you. If he is selling for $170K and you have done your homework and feel that it is only worth $145K to you, and then offers that. You never know what the seller's motivation might be. He might need to sell right away to avoid foreclosure or just wants out. You never know what kind of deal you can get, until you try. I will go for a financial advisor. He would give some good recommendation for you.


There are good calculators in this site http://www.mtgprofessor.com/. Check the cash vs. mortgage calculator. Even if you have a bad credit still there are lot of ways to improve it. In states, to say money in mortgages or credit card or car loan etc you need to have a good credit scores.


Another option to get a loan is consult upfront mortgage brokers. They are honest in their fees and disclose them


As was mentioned before, there are not a lot of negotiating advantages with going straight cash. You will still have a closing and instead of a loan officer handing them a check it will be you. There is not exact formula in making an offer on a property. Do your homework on the past sales, past appreciation, community, neighborhood, schools, and shopping. Once you do your research, come up with an offer that you feel that will work for you. If he is selling for $170K and you have done your homework and feel that it is only worth $145K to you, and then offers that. You never know what the seller's motivation might be. He might need to sell right away to avoid foreclosure or just wants out. You never know what kind of deal you can get, until you try. I will go for a financial advisor. He would give some good recommendation for you.


There are good calculators in this site http://www.mtgprofessor.com/. Check the cash vs. mortgage calculator. Even if you have a bad credit still there are lot of ways to improve it. In states, to say money in mortgages or credit card or car loan etc you need to have a good credit scores.


Another option to get a loan is consult upfront mortgage brokers. They are honest in their fees and disclose them before you start working with them.

Robert Hudson is a Realtor in UK. Please visit his website Quick House Sale.