Home Buying in 44118>Question Details

trashstash, Home Buyer in Cleveland, OH

If I have the worst credit in the entire UNIVERSE (lol) but can pay cash (looking in the range of $100K - $250K in Cleveland) will I have a problem?

Asked by trashstash, Cleveland, OH Sat Dec 14, 2013

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Hi, I saw you ask the question that if you didn't want to pay 100% cash if you wouldn't have to.... I would say, if you're interested in keeping some or a good portion of it, give me a call. I can work with those that have blemished credit ie up to 90% down to 530 credit. So long as you haven't had any recent derogatory credit, with the amount of reserves, we shouldn't have too many troubles (obviously there are guidelines we need to meet). Otherwise, we could work on fixing credit now so you're good to go come spring/summer and you're offered just that much better terms (higher scores better the terms). If I can answer any add'l questions I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
1 vote Thank Flag Link Sat Dec 14, 2013
Thanks, Kimberly! I appreciate that you actually addressed that question. But I actually left out two words at the end of it: IN CASH! lol So what I was asking is would I NECESSARILY to have to pay the entire amount in cash--I am prepared to do so, I just want to know what all my options are. And since I have time, I'm not at all averse to working on my credit. Again, no idea what it looks like right now--it's been many years since I used credit. I'll get in touch!
Flag Fri Dec 20, 2013
Well...we need you for a marketing spot about Cleveland! I agree. I was born and raised here...lived in San Francisco and Chicago...and always came home! Cleveland is experiencing a major Renaissance and it's getting better! I think you will love it when you are here awhile. Go to http://www.about.com/Cleveland. It tells you about all things to do here, and about the city. Cleveland is also SO affordable. Depending on where you will work, both sides of done have great communities. Have you been to Tremont and Ohio City, and West Side Market? Do About.com for info on those communities, too. I wish you luck. And welcome!
1 vote Thank Flag Link Sat Dec 14, 2013
Thanks for the info, Tari. I was born in and lived most of my life in San Francisco. I didn't get around too much when I was there, but there are a few places I got to know and LOVE--so miss the Lake Erie Monster at Melt on Cedar & Lee, Stone Oven Bakery, Zagara's Market--GOSH I miss Cleveland so much I'm gonna make myself cry! Haha I TRULY cannot wait to get back "home"! :) Heard about West Side Market and attempted to go once, but got lost and it was raining (I was walking) so I went home. :)
Flag Fri Dec 20, 2013
No as long as you can provide proof of that. It may be needed up front. Good luck on your credit!
1 vote Thank Flag Link Sat Dec 14, 2013
No problem, Cash is King :)
Kimberly Austen
Century 21 HomeStar
Flag Sat Dec 14, 2013
Thank you. Don't truly know what my credit score is, because I haven't used credit for at least 10 years--but it was pretty bad back then. I've never bought property. 55 yrs old and looking to retire in Cleveland area. Want to know what if any roadblocks if I pay cash. Although I can, would I actually need to pay the full amount (open to it; I've got a lot of money now.)
Flag Sat Dec 14, 2013
Kimberly is correct, CreditKarma.com is a great website for checking your score and your entire report.

It also shows you charts to let you know there areas you an improve.

Having good credit isn't just important for getting loans but also for getting discounts for things like insurance, etc.
0 votes Thank Flag Link Fri Dec 20, 2013
Sorry - I forgot to add... for free you can check your credit, creditkarma.com and/or annualcreditreport.com, if you wanted..
0 votes Thank Flag Link Fri Dec 20, 2013
Hi trashstash, you're welcome! To continue where you left off the answer would be: no. No one will transfer their deed to you without payment in full. Not unless you found a home available for sale with "land contract", "lease to own" or a "rent to own" option. That way you could put as large of a down payment down as you wanted and pay the seller the balance over maybe a two yr time. Obviously there are a lot more risks to you by proceeding that way. However, if the seller tried to take your money and run from their lien holder, you'd hopefully still have cash left to be able to save the home from foreclosure, pay off any/all liens (if they'd actually let you) and hopefully find a way to finalize the transfer of the deed/property into your name. That's why I suggested if you were serious about trying to keep some of your cash, the most secure way, in my opinion, would be to pay as much cash as you wanted and finance the balance. That way the home is yours without concern. Happy holidays to you and yours!
0 votes Thank Flag Link Fri Dec 20, 2013
Thanks, again, Kimberly. And same to you! :)
Flag Fri Dec 20, 2013
If you have Cash to purchase a home your credit in this situation doesn't matter.
0 votes Thank Flag Link Sun Dec 15, 2013
Cash is King. You will need to provide proof of funds to have an offer on a house considered, but, yes, you can buy a house if you pay cash, even with less than perfect credit. Let me know if I can help.
0 votes Thank Flag Link Sun Dec 15, 2013
Not at all, your credit score only counts against you if you are trying to get a mortgage.
0 votes Thank Flag Link Sat Dec 14, 2013
Also...Tari Torch Sweeney
RE/MAX Traditions
0 votes Thank Flag Link Sat Dec 14, 2013
Both sides of town (not done :-)
0 votes Thank Flag Link Sat Dec 14, 2013
I'd be happy to assist you in your house hunt/purchase. Cash is king and you don't have to worry about your credit at all as long as you have cash and proof of funds.

It is a good idea to establish and build your credit though. You never know if you may need it down the road. I can help you with that also.

Feel free to contact me anytime to go over what you're looking for so we can find the perfect home this spring/summer.

Look forward to hearing back from you.

Cecilia Sherrard
RE/MAX Real Estate Group
Web Reference: http://www.YouShouldOwn.com
0 votes Thank Flag Link Sat Dec 14, 2013
Thanks everyone! I lived in Cleveland for 4 months in 2012 and, unfortunately, had to return to CA where I'm from. I LOVE CLEVELAND (also lived in Columbus for 2 YEARS and hated every day!). My plan is to start looking in May 2014 for a PERMANENT move in July. When I say "Cleveland" I mean the Cleveland area in general. (I lived in Cleveland Hgts; my brother lives in University Hgts and his mom lives in Beachwood). I like Shaker Hgts and Mayfield Hgts and am totally open to exploration. Thanks again.
0 votes Thank Flag Link Sat Dec 14, 2013
Ha ha! You are funny! Yes, you can buy a house with all cash, no mortgage=no bank =close in about 3 weeks and move in. But, as was mentioned, when you write a cash offer you must supply proof of funds. That should be easy enough to do.
0 votes Thank Flag Link Sat Dec 14, 2013
You wouldn't have a problem at all, since credit is not factored into a cash sale. Give me a call...I'd be happy to help you find your dream home!!

Dominic Picione
Keller Williams
0 votes Thank Flag Link Sat Dec 14, 2013
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