Hello I am interested in buying property here. I have enough cash to buy what I want but no credit. I don't know where to start please help!

Asked by Anthony, 90024 Fri Jun 8, 2012

What are all the steps for me to buy a forclosure and move in the property I am interested in? Since I have the full amount how long do you would think it would take? Any other info would be nice! please contact me @ myinfo200@yahoo.com Thank You!

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Zack King, Agent, Calabasas, CA
Mon Apr 8, 2013
With an all cash offer you can have a very quick escrow. This will also make you offer stronger when presented to the buyer. Where to start now is by choosing a Realtor whom you trust will find you the best place.
0 votes
Adolfo Paz, Agent, Long Beach, CA
Tue Jun 19, 2012
When buying a property, "Cash is King" because no credit or proof of income is needed...just sufficient cash to pay for the property and the transaction fees such as escrow,title and property taxes. Contact a Realtor or Lender for additional guidance. In my experience it typically takes about 7-14 days to close an "All Cash" Real Estate transaction but around 14-20 days or more for a typical foreclosed property. If you finance a purchase, most lender's will require that you have a credit history and proof of income. There are some private lenders that base the amount of the loan and the interest rate strictly on the actual value of the property to be acquired. As to establishing credit, search online using the phrase "Secure Credit Card". With secure credit cards you are given a line of credit on which you can charge up to the amount which you have placed in the secure credit card account. Be sure to read the fine print concerning annual or monthly fees and pay off the balance in full every month to build your credit quickly.

Stephen Mercier, Realtor
Long Beach, CA
0 votes
Kawain Payne, Agent, Seal Beach, CA
Wed Jun 13, 2012
Hello Anthony,

CASH sales can close in as little as 15 days! You need to get yourself an agent to search for homes for you. Since you plan to pay cash, your credit will not be an issue. You will have to provide proof that you have the cash funds to make the purchase.

Best of luck to you,

Kawain Payne, Realtor
0 votes
Matie, , Boston, NY
Mon Jun 11, 2012
You can find agent here http://www.indexpost.com/agents/ and ask him all your questions
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Carla Muss-J…, , Portland, OR
Sat Jun 9, 2012
Find a buyer's agent and go from there. You will need POFs if you're not going with a loan. Cash deals take a lot less time to close.
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, ,
Sat Jun 9, 2012
Anthony, I would start with a conversation with a tax specialist or financial planner. Of course, I can assist you with questions regarding financing; however, knowing specific strategies for leveraging and tax benefits are out the scope of licensed mortgage professionals. Be sure to get recommendations!
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Blair Thomps…, Agent, Sherman Oaks, CA
Sat Jun 9, 2012
Cash is great! But you may want to speak with a mortgage person all the same. Yoi any be surprised and qualify. And part of the financial strategy of homeownship is leveraging and tax benefits. That being said on certain properties you can get a better deal with cash odf the house is in loanable because of certain conditions.
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Sona Gallatin, Agent, Santa Clarita, CA
Sat Jun 9, 2012
Before you find an agent to help you search, make appointments and show you properties, be prepared to show proof of funds. A recent financial statement or bank account verifying liquid funds for your purchase.
Good luck
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Kawain Payne, Agent, Seal Beach, CA
Fri Jun 8, 2012
Hello Anthony,

Since you will be paying cash credit is not a factor.

Cash purchases can close escrow in as little as 15 days.

I suggest you contact a local realtor and have them begin searchin for homes for you.

Keep in mind foreclosures are usually sold "as is" so make sure you have cash reserves to make repairs.

Best of Luck to You,

Kawain Payne
0 votes
Marilyn Jenne, Agent, Los Angeles, CA
Fri Jun 8, 2012
If you have the cash, you don't need the credit. Just buy! Good for you. So, the next step is to find an agent you want to work with and then write up an offer (providing proof of that cash in hand). Any seller should welcome seeing your offer on paper. With cash you can also close faster than others. How does a week sound? It can be done.
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Alvaro Lozano, Agent, San Gabriel, CA
Fri Jun 8, 2012
Please tell me where are you and what time you are available.
0 votes
Deborah Brem…, Agent, Los Angeles, CA
Fri Jun 8, 2012
Happy to talk at your convenience, Anthony.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
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