Home Buying in Ohio>Question Details

Kate Rush, Other/Just Looking in Ohio City, CO

I'm paying cash for a house, when do I have to have the money and also how low can I go on this property.

Asked by Kate Rush, Ohio City, CO Tue May 25, 2010

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When buying a house with cash. There are number of very important details t i hope you will consider.
Now that you have agreed to the terms and the date of the closing. It is wise for you to have a title search and order a title policy. This instrument will protect you from outstanding leans and surprises from someone showing up at your doorstep claiming ownership of the property you bought.
The title company will basically help you tie up loose ends and will handle the closing process at the same time.
You will receive a closing statement that will explain you final cost of purchase.
You will have time to review and prepare to pay the balance indicated. You may transfer the funds directly to the title companies account via wire transfer. This way you will have both clear funds and a receipt at the same time at the closing and need no cash or checks to deal with.
Just one more thing once you closed there is little room for overlooked mistakes.
Seek the advise of the closing agent if there is something you don't understand.
0 votes Thank Flag Link Wed Jun 9, 2010
You'll have to have proof of funds when submitting the offer, so they know it is available. Then you will have to pay the amount on the closing date. Your agent will be able to tell you how low you can go on the property. They will pull comparables for you and do a CMA so the agent could tell you how much the home is worth. Cash offers are a great benefit but you should still be in a correct price range while offering.
0 votes Thank Flag Link Wed May 26, 2010
Kate you will need to prove you have the money with you offer. You will have to have the money at closing. Last year I had a transaction where a client had money in an investment account and it had to be partially liquidated. Be sure to leave yourself enough time to be able to get your funds into an account that you can make one transfer out of. In this case it took about 2 weeks to move the money.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Wed May 26, 2010
When paying cash, the amount stated in your contract is due at closing--after closing the property will be yours and you will have full access and use of the property--your agent and or attorney can advise you best as it relates to your specific situation.
0 votes Thank Flag Link Tue May 25, 2010
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