first time buyer, wants to pay cash. can i not do payments?

Asked by Sayury Castillo, Norcross, GA Mon Apr 9, 2012

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Ricardo Nadal, Agent, Buford, GA
Mon Apr 9, 2012
Hi Sayury:
Not sure what you question is because if you are paying cash, then there is not mortgage/payments involved.
Please clarify.
Ricardo Nadal
Broker-Property Manager
2 votes
Ava Anderson, Agent, Snellville, GA
Mon Apr 9, 2012
Hi Sayury,

Normally if you want to pay cash pay all cash upfront and do not do make payments. Is this what you are asking or am I miss understanding your question?
2 votes
John Souerbry, Agent, Fairfield, CA
Mon Apr 9, 2012
Can you clarify your question? You say "pay cash" - then you say "do payments." It has to be one or the other.
1 vote
Sonia Alexan…, Agent, Bethlehem, PA
Mon Apr 9, 2012
When you buy with Cash, you can get a better deal, and best of all faster closing.
1 vote
Sheila Kelly, Agent, Atlanta, GA
Mon Apr 9, 2012
Cash is one of the options for purchasing a home. You will not have to worry about payments.
1 vote
Chuck Green, Agent, Norcross, GA
Mon Apr 9, 2012
Hi Sayury,

If you want to pay cash it must be for the full amount unless you find a seller willing to take a portion in cash and then provide you with a loan for the remainder. Generally this will occur with a seller who owns the property outright and is in a financial position to take the risk on loaning you the remaining money for a fee.

Good Luck
0 votes
Benny Smith, Agent, Pittsburgh, PA
Mon Apr 9, 2012
Cash is great but lets not forget the safeguards that are in place for a buyer when you use a mortgage.
You are not required to do any of the following as a buyer. It is the lender that insists on these as part of the loan packages;
an appraisal,
surveys, depending on local
title search,
termite inspection,
tax search to ensure the seller paid all past taxes.
search for additional leans against a property often missed on a simple title search
and Follow up inspections where needed, mold, foundation etc.

These costs are there to protect the buyer and should not be overlooked with a cash offer.
0 votes
Roland Vinya…, Agent, Sprakers, NY
Mon Apr 9, 2012
Sellers are always happy when someone has cash. It eliminates the concern over the bank's rejecting a buyer's mortgage application. As a seller, I'd be willing to discount further for such a person - not all think that way of course.
0 votes
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