i had a foreclosed home a year and some ago, can i buy a house for cash? is only 34,000 money from my 401k?

Asked by crata_1, Round Lake, IL Sun Mar 31, 2013

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Kathy Bogan Cannady’s answer
Kathy Bogan…, , Naples, FL
Mon Apr 1, 2013
You can buy anything for cash, but if you are not 59 1/2 you better check if there are penalities for withdrawals. Check with you accountant or IRS. KathyBC 800-448-3411 ext 601...(4/1)
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Scott Godzyk, Agent, Manchester, NH
Sun Mar 31, 2013
You can buy anything you want if you are paying cash. the key question if you have a balance from your foreclsoure that they can come and attach your new home fior? You may want to check with an attormey before buying anything
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Chuck Kabis,…, Other Pro, Naples, FL
Sun Mar 31, 2013
you can buy anything you want for cash, not just a home.but I doubt $34K is going to be enough. I dont know of homes selling for that low of a price.
0 votes
Daniel Barto, Agent, Naples, FL
Sun Mar 31, 2013
Yes you can. Most buyers use a company to handle the transaction. That is because you can not personally direct real estate that is owned by your Ira or retirement acct. You can not occupy, that is considered an early withdrawal unless ofcourse you are of age in which case you can simply purchase in cash after you withdraw. I just completed an IRA purchase. The clients used a company called Equity Trust to handle the management of the acct.
Now is a great time to purchase real estate with your retirement funds because many people that suffered during the recession and saw their accts drop have now been made whole again. My advice, invest in RE now when the equity market are at the highest levels since 07. Purchasing RE with your acct is a bit more complicated but not by much if you use an acct management company like the one I mentioned before.
I would be happy to explain the process by phone or email. Just click through to my profile and send me a request or follow the link below to my website where you will find my contact info and more info on the blog about investing.
Best of luck,

Danny Barto
GALLEON REAL ESTATE
Web Reference:  http://GalleonProperties.com
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Sun Mar 31, 2013
If you have cash, you can buy anything you want! The foreclosure only means you would have to wait two or so years if you wanted to get a mortgage. Talk to your Human Resources manager and find out if you can borrow the money from your 401K., I know it can be done for a down payment, I would think the rules would be the same if you want to use it for an out right purchase of real estate, but check with HR to be sure.
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