Home Buying in Dallas>Question Details

Ted Brown, Home Seller in 75050

What is the process to purchase land or auction homes with real cash? Will this make transactions slower due to scrutiny?

Asked by Ted Brown, 75050 Fri Jul 18, 2014

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Cash usually always is faster. As for auction homes, they are all and only CASH. No credit. You will have to register and be ready for the sharks who are pro's and will probably eat you up.
0 votes Thank Flag Link Tue Jul 22, 2014
Typically paying cash translate to faster closing but of course it also depends on the auction that you are referring to. You do want to do your due diligence before bidding on a property.

Good luck,
Susie Kay
United Real Estate
0 votes Thank Flag Link Fri Jul 18, 2014
Buying a property from an auction puts all the risk on the buyer, you are buying it as is, there is no contingencies for inspections and you may be responsible for back taxes, liens or hoa fees. The key is to do your homework before the auction, a title search and inspect the property. The sale goes quickly and closings can take place in as little as 7 days with cash
0 votes Thank Flag Link Fri Jul 18, 2014
If the money is seasoned, and in a bank, there will be no problem at all.
If however you show up with a shoe boxes full of 100's, that would not work at all.
NOTE: shoe boxes full of cash places everyone in grave danger.

Get the money into a bank account before you make your offer to purchase.
0 votes Thank Flag Link Fri Jul 18, 2014
Buying with cash can usually speed up the time to close a deal. Public auction at the courthouse does require cash to buy it, buy you better know a lot about what you are buying because if there are liens and stuff on the house you also buy that debt too and you may not know it right off. A title search before you buy is strongly suggested. Buying with cash is ok as long as it has been "seasoned" in a bank account for a period of time.
0 votes Thank Flag Link Fri Jul 18, 2014
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