Common sense should stop you. How do you know the person selling you the home has free and clear ownership of the home? What if the house has structural damage? What if there is a meth lab in the back yard? You might want to do your homework before you make a decision like this.
You do have to take care of the details and that may prevent you from completing the sale the same day. This is not a car...you've got to draft up a contract, open/close escrow, and have the transaction recorded. Is that what you're asking?
If you are looking for a below market deal, cash offers work best on properties that couldn't financed by a competing buyer. So in other words fixers. If the property is financeable (especially by FHA and VA buyers), you won't receive much of a discount by paying all cash.
There are a lot of things that could stop you. Any cash real estate transaction over a certain amount must be reported to the appropriate government agency, the closing attorney will be required to turn it in, they are not required to accept a suitcase full of cash at closing, etc. If your purchase offer is structured like your question a sensible seller would reject it, these are just a few things that could stop the process. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
There's nothing to stop you from making Asa many mistakes as you want. As long as you understand that any liens are transferred with the property are your obligation. If there is a bank it will take a week or more to set up the pay off
I had another cash buyer ask this question. To my knowledge it can't be done. There are many processes that must be completed before transferring title.
The bare minimum would include paying off the seller's mortgage and allowing a day or two for the recorder's office to transfer the title.
In addition, even though you are a cash buyer, there are things you should do - just to be smart. They include a home inspection, review of any seller disclosures, termite inspections, and perhaps an appraisal. These are prudent things to do regardless of whether you are using cash or obtaining a mortgage.
There is little, if anything, to stop you from buying any home if you have cash to buy, you make an offer, the seller accepts the offer, the title is acceptable, the survey is okay, the inspection meets your approval, the title company work is done, and everyone goes to their closing appointment
Are you talking about an investment or a place to live for you? Are you buying at an auction or a bank owned property listed by a real estate company? Also, you have to make sure you have clear title and maybe do an inspection to avoid surprises. Of course, if the house is for sale and you have the money, nothing can stop you for buying it or putting an offer. It's always better to have the whole scenario so that you can get the best advice.
Please do not hesitate to contact me with questions or concerns.
You mean like you're going to buy a gallon of milk? Well, I wouldn't suggest it... But you probably can. Generally, you at least want to have a title check because otherwise how will you know if you are actually paying the real owners of the house? There are also common contingencies beyond that like inspections...and if the owners are living there they probably can't move with a moment's notice.