Have bad credit but lots of cash; semi-retired. Can I buy a house for cash? Currently could afford some of these listed under $10K.

Asked by vljackson, Battle Creek, MI Tue Jun 11, 2013

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Betty Luna, Agent, Battle Creek, MI
Tue Jun 11, 2013
yes, you can always buy a house for cash BUT, you will be asked for a "proof of funds" letter stating that the money is on deposit in a bank or credit union and available for withdrawal at closing. Houses under $10,000 usually have multiple issues, including but not limited to, being on the city's " vacant & abandoned buildings" list ; which means that there are building code violations that would have to be addressed and repaired by the new owner. These properties typically do not come with any type of disclosures as to the condition of the home. Before doing this type of a purchase, I would advise you to talk with a lender and see about getting your credit repaired and what you would then qualify for in a loan if the credit issues were taken care of. Always have a home inspection done, you really need to know what you're buying and the type of work it would take to restore the home.
1 vote
Stacie White, Agent, Battle Creek, MI
Tue Jun 11, 2013
We love Cash!!! Cash is much easier to deal with then loans. All you need is prove of funds. The power is in your hands. Make sure that you have the house looked at and know what you are buying.
0 votes
LOL, at the moment it's in a zip-loc bag...I don't trust banks!
Flag Tue Jun 11, 2013
Bill Hanner, Agent, Battle Creek, MI
Tue Jun 11, 2013
CASH is a super way to go. Most Sellers will look at a cash sale before going thru all the hoops for a regular mortgage loan. If you have the cash....then go for it! Give your favorite REALTOR a call! The important thing a seller will need.....you will need to prove, thru documentation, that you HAVE the "cash" you say you have....then it is usually a quick process. Call me or any of our GREAT REALTORS in the BC area.
0 votes
Cattell Team, Agent, Adrian, MI
Tue Jun 11, 2013
As my colleagues have posted, cash is king. Seller's love cash! If I'm selling a home and I have one offer for $10k with a loan and one for $10k with cash, I'm taking the cash all day long.
0 votes
Cassandra Ev…, Mortgage Broker Or Lender, Kalamazoo, MI
Tue Jun 11, 2013
Cash is king-if you can cover all the costs with verified funds (the seller will likely want to verify the money is in an account somewhere that you have access to)-you should be fine to buy! Good luck :)
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