Home Buying in Chicago>Question Details

Truce, Home Buyer in 60626

If you have no credit (which obviously means bad credit), can you buy an apartment or town home in full? As in pay it all in one lump sum? Thanks.

Asked by Truce, 60626 Mon Dec 3, 2012

Also, does it depend on the property on whether you can buy to let? Thanks again.

Help the community by answering this question:



When you have cash, it doesn't matter what your credit is for the most part. Co-OP building sometimes have there own check out the new buyer process.

You defiantly want to repair your credit. We have had clients have great success with https://www.mynationwidecredit.com/ our contact is Todd Stern 773-862-7777. The consultation and credit report are free. Seriously, these guys are great and do a great job helping people in your situation. They set realistic goals!

In the mean time if you want you can also start rebuilding your credit by obtaining a secure credit card with whoever you are banking with. At first they may only offer you a line of $500 to $1000 or they may allow for a larger sum with a savings account that must have an agreed amount dollar amount. Use your new credit card for your everyday expenses and have the discipline to pay it off at the end of each month. This will certainly help.

When the economy fell many of us suffered some type of credit hit.

Best of luck,

Manuel Brown, Broker
iMove Chicago
2 votes Thank Flag Link Mon Dec 3, 2012
Yes, you can pay cash, & credit will have no bearing. Unless you are buying a condo in a building whose association has right of first refusal & requires a background & credit check before approving your purchase. Barbara Biederman 773-914-5309 or bbiederman@citypointrealty.com
1 vote Thank Flag Link Mon Dec 3, 2012
FHA will allow someone in your situation perhaps if you have other trade lines that do not report on credit. In addition, it is not very difficult to get some trades established. The credit bureaus have something called "rapid re-scoring" which will allow you to establish some trade lines and then submit that to the bureaus quickly and not have to wait the traditional months and months before they report it.

Where there is a will there is a way. Give me a call if you ever need some help.

Sean Cochran
0 votes Thank Flag Link Sun Dec 16, 2012
No credit means that you have no tradelines. It is possible to get you pre-qualified if you have several items, such as rent checks, gas bill, electric bill in your name. If you have poor credit, there are several things that can be done to improve your credit. Joanna Weiss
0 votes Thank Flag Link Thu Dec 13, 2012
With cash you can buy the property, Though there are measures you can take to improve on your credit scores as outlined below.
0 votes Thank Flag Link Fri Dec 7, 2012
If you are purchasing all cash no need to be concerned about credit in the offer
0 votes Thank Flag Link Tue Dec 4, 2012
It sounds like you're interested in buying an investment property as a rental. You need to make sure that the building isn't already at or over 50 percent rental. If so, you'd have difficulty selling it in the future. Best to find one that has a rental policy but isn't maxed out already. I have helped buyers in the area that you're targeting and would be happy to assist you make the needed analysis.

Cindy Wilson
Koenig & Strey
0 votes Thank Flag Link Mon Dec 3, 2012
Hi Truce. As my colleagues have stated, you do not need credit if you are going to buy a home in cash. Paying in Cash eliminates the need to obtain Financing from a Lending institution (someone who fronts the money for you).

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Mon Dec 3, 2012
Sure, you can just pay it in cash!
0 votes Thank Flag Link Mon Dec 3, 2012
you sure can.. if you eliminate risk (your bad credit) by putting more money down eventually you reach a point where someone will lend you some money or in certain cases you can buy for cash..but you must have seasoning on funds.. money laundrying is always suspected until proven innocent
0 votes Thank Flag Link Mon Dec 3, 2012
Cash is King, but like Barbera said if you are buying in a association that has the right of first refusal then credit and criminal history will matter because that will be used to disqualify you.
Should you need help with locating a home and negotiating it contact me at: E: Corey@McCrayRealEstate.com, C: 312.569.9806.
Corey D. McCray
D'Aprile Properties
0 votes Thank Flag Link Mon Dec 3, 2012
Yes, you have the opportunity to buy the property for cash. However, if you are buying it as an investment, with the thought of leasing, please be sure to check and see if there are any rental restrictions in the building. If you would like to discuss it further please feel free to call or email me.

My best,


Edward Grabarek
Real People Realty
Cell: 312.339.9468
Fax: 312.377.1962
0 votes Thank Flag Link Mon Dec 3, 2012
If you can pay cash it does not matter what your credit is.
0 votes Thank Flag Link Mon Dec 3, 2012
You can pay cash or work with someone to bring your credit to where you need to be in order to receive financing.

Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing


Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
0 votes Thank Flag Link Mon Dec 3, 2012
Yes, you are able to pay cash for the property, regardless of credit scores. Some buildings do have rental restrictions, so I would recommend checking with the listing agent and or the property manager of the building.

If you have specific buildings in mind, feel free to email me the addresses and I am happy to give you any insight I have on rental restrictions.

Best of luck!

Josh Weinberg
0 votes Thank Flag Link Mon Dec 3, 2012
Always able to pay cash for real estate. Whether you can rent it out depends on the individual building, assuming you are buying a condo. If you want to talk further about it please give me a call.
0 votes Thank Flag Link Mon Dec 3, 2012

Even if you have bad credit, you can still pay cash for real estate.

All the best,

Ivan Sagel
0 votes Thank Flag Link Mon Dec 3, 2012
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