Home Buying in 60623>Question Details

cynthia, Home Buyer in Chicago, IL

what about if I dont have any credit whatsoever. And i have 100% cash to pay the house at once is that possible?

Asked by cynthia, Chicago, IL Tue Mar 4, 2014

what about if I dont have any credit whatsoever. And i have 100% cash to pay the house at once is that possible?

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26
BEST ANSWER
When purchasing with all cash, any credit issues really don't matter....
1 vote Thank Flag Link Tue Mar 4, 2014
The only exception is if you are buying in a shared community, lets say a co-op to be the most extreme. Here they may still require a credit check and you may have to meet the association/board and get their approval for purchase before completing the 'closing'. For most scenarios though a credit check will not be needed if you pay the full amount in cash.
2 votes Thank Flag Link Tue Mar 4, 2014
Yes you can buy. Cash is king always. you can buy whatever size and wherever you want. Let me know if you need help.

Manoj
847-791-3216
1 vote Thank Flag Link Wed Mar 5, 2014
great thanks for your advice.
Flag Wed Mar 5, 2014
Cynthia,

When you buy a house for cash you do not even need a social security number. Foreign investor are unable to borrow monies from U.S. banks therefore they pay all CASH.

Cash is king!
1 vote Thank Flag Link Wed Mar 5, 2014
Of course you can. You only need credit if you are going to get a mortgage.
1 vote Thank Flag Link Wed Mar 5, 2014
Cash is King - Show me the Money!!!

As mentioned - no credit needed when paying cash. If your purchase will be greater than $50,000 then you will have to wire the funds to the closing.

Along with the contract on the home you want you will also need to provide a statement showing that you have the funds in an account with your name on it.

Should you need any assistance, feel free to contact me.
Web Reference: http://www.BJDHOMES.com
1 vote Thank Flag Link Wed Mar 5, 2014
and where the funds came from according to the banks.
Flag Wed Mar 5, 2014
Cash is king. No credit needed. Although I would encourage you to build credit for future needs.
1 vote Thank Flag Link Wed Mar 5, 2014
Cash is king my friend- money solves all your problems in this scenario. The only kicker is if you plan on buying in a co-op building the members could still vote to turn down your application to purchase if you're not in what they consider to be acceptable financial standing.
1 vote Thank Flag Link Wed Mar 5, 2014
Credit is non issue when paying cash
1 vote Thank Flag Link Wed Mar 5, 2014
When paying "cash" for anything, an individual's credit rarely enters the picture. You can comfortably begin your search.

Best wishes,

Bill
1 vote Thank Flag Link Wed Mar 5, 2014
Hi Cynthia!
If you are buying in cash not requiring any financing credit will not be an issue.
Please be careful ! Use a real estate attorney to make sure the house you are buying cash is free and clear with no debts owed on title and liens.
Contact a Realtor and buy your new home!

Alina Pop
Real Estate Broker
Century 21 McMullen
773-997-0159
alinampop@gmail.com
1 vote Thank Flag Link Wed Mar 5, 2014
There are two GREAT BIG issues that make this a NO GO.
#1. It would take about six seconds for those who have a big pile of mattress money to realize that they can have their thugs go rob the closing office immediated after closing. This places everyone in great danger. That means the money will be transferred within the banking system, not by sneaker net.

#2. If you put the money in the bank.....well there is the $10,000 limit, and seasoning requirements.

Yes, there are exceptions. Yes you can buy a house with a shopping bag full of money, but you need to find a kindred spirit to pull that off.
1 vote Thank Flag Link Wed Mar 5, 2014
Hi Cynthia! If you are buying in cash not requiring any financing credit will not be an issue. Just be aware that an appraisal will not be required. Therefore request from your realtor a comparables report to ensure that you are paying a fair price. You may want to use a real estate attorney to ensure property is free of permits,liens or code violations. Good luck. Happy home shopping.

Jackie Nurse
First Service Realty
305-609-1232
nursejackiehomes@gmail.com
1 vote Thank Flag Link Tue Mar 4, 2014
Cynthia,

Please be careful ! Use a real estate attorney to make sure the house you are buying cash is free and clear with no debts owed on title and liens.

Got questions?
Yolandra
773-301-1091
1 vote Thank Flag Link Tue Mar 4, 2014
Cash is KING and no one will worry about your credit.
1 vote Thank Flag Link Tue Mar 4, 2014
Tu credito no es importante si estas comprando es cash ..en Chicago una casa ..pero piensa que si tienes colecciones pueden poner embargos en el titulo de la casa despues de ser registrada
1 vote Thank Flag Link Tue Mar 4, 2014
Your credit doesnt matter if your paying all cash.
1 vote Thank Flag Link Tue Mar 4, 2014
an EBA in area 60623 chicago
thanx,
0 votes Thank Flag Link Thu Apr 3, 2014
email me at jmichaels@remax.net to discuss the house purchase
0 votes Thank Flag Link Sun Mar 23, 2014
Auction.com. what is this site about?
Define auction in short words. (simple terms)
0 votes Thank Flag Link Wed Mar 5, 2014
See link for helpful information regarding auctions http://www.realtor.org/auction/types-of-auctions
Flag Wed Mar 5, 2014
what is the difference between saying agent or broker? (its next to agents name)
0 votes Thank Flag Link Wed Mar 5, 2014
Broker is owner of the company and agent is working for that company. They both has to pass state Exam. Both are working for real estate buyer/seller. Broker has some more responsibilities than the agent because he owns the company. You can give me call if you have more question 847-791-3216.
Flag Thu Mar 6, 2014
Not all states are the same. They really are two different licenses even though both require schooling, and each must pass a State exam; however, the broker has more schooling and bears much more responbility, and can legally operate a real estate agency; an agent works under the broker. When working with an agent one should expect the same level of service as with a broker. The broker is responsible for ensuring the transaction is completed properly; can address any concerns a buyer/seller may have, that the agent can't address; can assign another agent if necessary, etc.; because of the additional responsibilities a broker handles, he/she receives a percentage of the commission the agent earns when selling a property. In instances where a broker chooses not to have his/her own company, he/she can choose to be affiliated with a brokerage as an associate broker.
Flag Wed Mar 5, 2014
I have notice that every angent has the active listing under there page? Does that mean only those listings under the agent are the he/she have information on?
0 votes Thank Flag Link Wed Mar 5, 2014
Be aware that any local agent/realty office can provide any necessaey information on any property listed on MLS, and can also schedule showings--they all have access to the same information.
Flag Thu Mar 6, 2014
Yes, but for the information, most the information are in the listing which all the Realtor has access. But if you want to know anything which is not in the listing sheet then we always can contact to other Realtor or association if there any and we can find out. If you need more information you can reach me 847-791-3216
Flag Thu Mar 6, 2014
When you have the ability to purchase the property with cash not having credit will be a issue
0 votes Thank Flag Link Wed Mar 5, 2014
why an issue?
Flag Wed Mar 5, 2014
Most of my deals are cash deals. I represent buyers on many bank-owned properties. There are issues that many agents are unaware of and if you are a cash buyer you want someone that can protect you from some of these pitfalls. Feel free to contact me at 7734351605.

Regards,

Mark
Web Reference: http://Www.markmalave.com
0 votes Thank Flag Link Wed Mar 5, 2014
I'm curious whether I can just walk into a closing with a shopping bag full of cash ($175000) that I've been saving under my mattress. How does this not resemble money laundering?

This is my curiousity and has nothing to do with the original person who raised the question.
0 votes Thank Flag Link Wed Mar 5, 2014
You are on point. This is a NO GO. Cash IS NOT King if it is not documented.
Flag Wed Mar 5, 2014
If you paying cash you credit is not important but becarefull with juditial order in process
0 votes Thank Flag Link Tue Mar 4, 2014
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