Check with your accountant or financial planner before doing it, though. The main thing you might be concerned about is tying up all that cash in a property. If you have plenty of extra cash, that's fine. But you don't want to end up having poured every penny into the property.
Hope that helps.
Here is a great video that talks all about down payments...
I have seen 10-100% down as short as 24 hour to be deposited and very quick closing. There is no loan so the inspection is the contingency. Often they have released that contingency as well. The most bizarre one was 24 hour escrow. It was instantly rejected as unreal and too low($). The substitute for all cash is no loan contingency meaning the seller can keep your deposit if you can not get funding.
Many home buyers mistakenly think that if they buy "all cash", it's so unusual and so amazing that they can get a deep discount on the sales price of the home. This really isn't the case - most sellers would happily wait 30 days to get much more money.
An all cash offer is preferable, though, as it means less risk to the seller. For the lighter risk, the reward is often a small discount of a couple of percent. The risk-reward ratio won't get you a 5% or 10% discount, though. Just had 4 offers on a listing of mine in Cambrian and the one all cash offer was the lowest in the barrell. Amazingly, that person had a real estate license - and should have known better!
I did a blog post on buying "all cash" awhile ago and will post the link below. I think you will find it very helpful.
Most low priced REOs or Short sales in the valley are being pursued that way.
The seller and the bank then does have to wait for a long closing cycle of 30 days and close in
5 days or ten at best.
Also in the event of a short sale, the lender does not have to worry about the Aappraisal.
You should have no issue buying a home with all cash down, it is common in the valley as
some buyers are bringing cash from sale of stock or business or previous home.
Jawahar, however it is very difficult to unlikely to be able to get a 100% loan in Almaden Valley.
Give me a call at 408-656-5343 to discuss further.
On higher than 800K up to 1.5 m, I often see a very large down and a 417K conventional.
For FHA or 3% down buyers really have to bid up to get the attention of sellers. For Almaden Valley I don't see little down as most homes are bracketed on the high side.
Unless the property has been on the market for a really long time and the seller is willing to risk waiting / escrow falling out or your offering him an exceptionally good deal. Other than that only Veteran loans (VA) are typically accepted as offers with 100% financing.
Coming from a listing agent.