Question Details

Adam, Home Buyer in Arkansas

buying a house with cash money

Asked by Adam, Arkansas Fri Feb 27, 2009

hi if a house is up for forcloser and u have cash money for it what step do u have to take to buy a home. do i need to get a loan from bank or can i out right buy it?

Help the community by answering this question:


Hi Adam,

Your first step should be finding a real estate professional that can support you through this process. Incidentally, the fee for this service is paid for by the seller so it will cost you nothing and may save you in more ways than you can imagine.
The process should include:
1. get an agent
2. obtain a letter for proof of funds from your bank
3. write a deposit check
4. find out how the bank wants the offer presented
5. write up purchase contract
6. present it to the bank with your deposit and proof of funds
7. wait for a response

This is an over simplification but basically includes the main steps.

Good luck
0 votes Thank Flag Link Fri Feb 27, 2009
Hi Adam: You do not need a loan to purchase a home. I would get a referral to a trusted Realtor to assist you with the legalities of the transaction. Best of luck to you.
0 votes Thank Flag Link Fri Feb 27, 2009
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