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Asked by Andy, Lakeland, FL Fri Sep 3, 2010

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Answers

11
Wendy Golding, Agent, Orlando, FL
Fri Sep 3, 2010
Hi Andy,
Yes you can buy the home. And that was a great question. Because you have already received your
1099-C, the Lender had it written off their books. Now if you had a 2nd lender, that might be a different story. But...from the information you provided you are fine to buy a property. And remember Cash is King.

P.S. It's always a great idea to speak with your Tax Professional.
Wendy Golding
Broker/Owner
Asset One Realty, Inc
Web Reference:  http://www.scottnwendy.com
1 vote
Andy, Home Seller, Lakeland, FL
Fri Sep 3, 2010
My concern is, could the bank that I had the shortsale with - finds out after I buy this house cash and try to come after me for the difference in the shortsale? Thanks
1 vote
Don Tepper, Agent, Burke, VA
Fri Sep 3, 2010
Sure.

If you have the cash, then you wouldn't be applying for a loan. And so your credit really doesn't matter.

Look: When you walk into McDonald's and buy a Big Mac, you're not required to have good credit. You can pay with a credit card if you have one. But if not, you just whip out the cash and pay. Just think of a house as 100,000 Big Macs!

Hope that helps.
1 vote
Mott Marvin…, Agent, Sunny Isles Beach, FL
Fri Sep 3, 2010
Yes, you can buy a property. The lenders could place a lien of the property if they have not- forgiven the debt.
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Fri Sep 3, 2010
Andy,
So far as I can see, the answer is yes because your credit will not be brought to light. Cash is king!

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.ronanddebbie.net
0 votes
Alma Kee, Agent, Tampa, FL
Fri Sep 3, 2010
Hi Andy,

So you're asking about asset protection and whether or not the lender that allowed a short sale can and/or will come after you for their loss.

Here's an attorney in the Orlando area that specializes in protecting assets, you may want to contact him:

http://alperlaw.com/

All my best,
Alma
0 votes
Ron Carpenito, Agent, Andover, MA
Fri Sep 3, 2010
Just to be crystal clear on this...mostly all homes are purchased CASH, we are all "CASH buyers"...its just that most buyers use a mortgage instrument to obtain the CASH to give to the seller. Buyers who need a mortgage are technically CASH BUYERS. If you DO NOT NEED a mortgage to obtain the cash, i.e. you actually have all the cash on hand, you will not have a problem buying a home.

Its worth mentioning that you also can purchase a home without cash if someone is willing to take some other item that you have. Example could be swapping a home for another home (that is owned free and clear), or valuable jewlery, antique car etc...these types of transactions are few and far between..In real estate everything is negotiable.
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Fri Sep 3, 2010
ANDY:

Cash in Real Estate is a like having an American Express Black card, people will kiss your feet for entering their shop. With CASH you can buy a home, the next day after having a short sale.

As a precaution only, make sure to keep documentation indicating that you acquired or accumulated the cash after the short sale was completed.

Tony Vega
Charles Rutenberg Realty

http://www.SearchKissimmeeHomes.com
0 votes
Lyle Wolf, Agent, Morristown, NJ
Fri Sep 3, 2010
If you are buying the house for cash there is no problem.
0 votes
Condo Metrop…, Agent, Orlando, FL
Fri Sep 3, 2010
Hi Andy, of course you can. If you don't need a loan who cares about your credit score. Now more than ever, cash is king! You can check out Orlando's foreclosure list on any of our sites below.
Regards,

Marcus Burke,
Condo Metropolis LLC
Broker: Marcus Burke, PhD, GRI, e-PRO

Website: Http://CondoMetropolis.com
Downtown: Http://OrlandoCondosDowntown.com
Condo Blog: Http://CondoMetropolis.com/Blog
MetroWest: Http://MyMetroWestRealty.com

Tel: +1 (407) 290-3408.
0 votes
ANDREW OLLICK, Agent, NAPLES, FL
Fri Sep 3, 2010
You can buy a house cash 1 day after a short sale. A short sale or a foreclosure only hurts your ability to get financing. If you have cash, noone can tell you that you can't buy a house.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
skype: napleshomes
http://www.andrewollick.com/realestateblog
0 votes
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