Just remember, if you pay cash your closing costs will be less. You have no loan origination fees. But you still should get an appraisal and a house ( with pest) inspection. After all, just because you have cash does not mean you want to waste it.
The one advantage of getting a loan is you can deduct the interest. That means when you spend $100 for interest you can write $35 (depending on tax rates) of it off your taxes. Somehow every time I heard this I felt I was still LOSING $65.
However if there is an existing mortgage on it, you would have to obtain a loan from any source to pay off the mortgage and transfer the Title to your name. Unless, you have the cash!
Cindi Wolf, CMS, GRI