Home Buying in Philadelphia>Question Details

Jeanette Wal…, Home Owner in 19132

Can a person simple go buy a house with cash?

Asked by Jeanette Walters, 19132 Fri Jan 27, 2012

If you have bad credit and all that, but you have cash money to buy a house, can't you just buy it or do they still need to dig into your credit and job and all that?

Help the community by answering this question:


Cash talks, other stuff walks. You will need to provide proof of funds in the way of a bank statement to be taken seriously. Cash buyer's have the benefit that their offers are not subject to the lenders whim. If you give me cash, I'll take it as long as it's real; I don't care about your credit past.
Now a practical matter, don't bring a suitcase of money house shopping. A copy of your bank statement attached to an offer is adequate. Your bank will wire the funds to the closing agent when the time comes.
2 votes Thank Flag Link Fri Jan 27, 2012
Karla, this depends on the neighborhood you are looking to purchase in.
Flag Wed Mar 11, 2015
was wandering how much cheaper can i buy a house for with cash money.i have the money just want to get a great deal on a house???
Flag Sun Sep 22, 2013

Cash is the BEST way. the only thing a buyer needs to show is proof of funds. i.e. that the money is in the bank, and that it has been in the bank for a period of time (called siezen).

If you would like more detail, feel free to contact.

John Leonard
Long & Foster Real Estate
Web Reference: http://nicepahomes.com
2 votes Thank Flag Link Sat Jan 28, 2012
How long is the siezen? Does this include money deposited for regular income?
Flag Fri Feb 6, 2015
you cant come to settlement with a bag full of money anymore...but yes you can pay cash thru a bank transfer or certified check
1 vote Thank Flag Link Thu Feb 2, 2012
You most certainly can buy a home for cash . You must show that you have cash + closing costs.
Most important is to find a good Real Estate agent to guide you through the buying process.

Good Luck in your Home search .

1 vote Thank Flag Link Wed Feb 1, 2012

There is a growing amount of cash buyers in today’s market. A cash offer will often be accepted in a multiple offer situation. There are some limitations for cash offers in that most sellers will not help with buyer’s closing. Sellers may expect more from cash offers.

The benefit to cash offers is that you can usually close quickly. Don’t forget to have all of the inspections necessary to determine the condition of the home you are buying. Take time to do your diligence in investigating the property.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
1 vote Thank Flag Link Sat Jan 28, 2012
Everyone provided an accurate response to your question. Proof of funds from your bank is the most important thing and remember in Philadelphia your closing costs in addition to the sale of the house will be around 5%.

In terms of pricing strategy it is important as a buyer to realize in this local market houses are settling 88-95% the asking price on average.

Don't hesitate to reach out to discuss other details to the buying process.

Carl Caldas
1 vote Thank Flag Link Sat Jan 28, 2012
Cash is King. With large down you may even find owner finance. If you would like a referral to an area agent to find you one of these go to http://.www.grapevinereferrals.com
1 vote Thank Flag Link Fri Jan 27, 2012
Jeanette cash is king, if you have the cash their is no credit check. A realtor can write the contract and you simply hire a closing attorney to close the sale. They will search the title, make sure their are no liens, prepare the HUD, conduct teh signing and dispurse the monies.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Fri Jan 27, 2012
If you have the cash to purchase a home (including closing costs if you don't ask the seller to pay them) you can definitely buy a home without credit checks, etc. It's only when you want to use other peoples money that you are scrutinized by lenders.

Just make sure before writing an offer that you can provide 'proof of funds' to the seller. This can be a recent bank statement or a letter from your bank that shows that you have the cash on hand to buy a home.
1 vote Thank Flag Link Fri Jan 27, 2012

Everyone loves CASH

Proof of funds (Bank statements)

No credit check needed

Happy House Hunting!!!

0 votes Thank Flag Link Wed Mar 11, 2015
Hello Jeanette,
I would contact your local mortgage lender/consultant in order to get the best answer to that question.
Best of luck!
0 votes Thank Flag Link Fri Feb 27, 2015
A cash transaction requires only a clean title search, transfer of the deed, and the associated costs to close. Since there is no credit being issued, no search of your credit report should be needed.
0 votes Thank Flag Link Mon Feb 9, 2015
No need to have your credit checked if you have cash. CASH is KING!!!
0 votes Thank Flag Link Sun Feb 8, 2015
You most certainly can buy a house for cash . When they run a title report if you have judgement such as back child support he will be required to pay
0 votes Thank Flag Link Fri Feb 6, 2015
how long do funds have to be in the bank for???we just got a settlement and want to buy a house with cash???
0 votes Thank Flag Link Sun Sep 22, 2013
Of course, you can. All you need to do is contact a real estate agent to assist you with your research, choose the house that you like and have a copy of the bank statement handy to submitted with the offer. If the house is in a community with association, you still need to ask for the application package and check the rules and regulations of that community. In some communities, they still asking for persons that earn at least $45,000 per year or owners that will have a minimun of 600 credit score.

Best of Luck,

Maria Cipollone

Century 21 tenace

0 votes Thank Flag Link Fri Feb 1, 2013
yes, but there is a specific irs form that has to be filled out at settlement and of course reported to the irs...
0 votes Thank Flag Link Fri Feb 1, 2013
yes, this is possible. While not ideal for most people, this scenario does occur, particularly when sellers have noted that there are already competing cash offer on the property. Learn more on what things to expect on purchasing a house with cash.Article source: a loan with no fee and get it in a hour in bank and pay back in stallment
0 votes Thank Flag Link Fri Feb 1, 2013
if you can bring a bank check to closing you are fine...HOWEVER...sometimes there are searches for back child support etc. bad credit ok. debts is sometimes another matter.
0 votes Thank Flag Link Wed Feb 29, 2012
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