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Asked by Janmgormley, Chambersburg, PA Fri Jul 8, 2011

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4
Mar Nygard, Agent, Waynesboro, PA
Fri Jul 8, 2011
BEST ANSWER
Your closing costs will be lower with a cash deal, there will be no lender fees to worry about. Your accountant can go over the tax advantages with you if there are any
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0 votes
Marva Purvis, Agent, Chambersburg, PA
Fri Jul 8, 2011
I agree uou should talk yo an attorney or CPA. Realtors, unless CPA or attorneys) should not furnish you an answer. However, you could get a good deal by paying cash.
0 votes
Don Tepper, Agent, Burke, VA
Fri Jul 8, 2011
As the previous answer suggests, a CPA would be the best person to answer your tax questions.

The advantage to buying a property with cash is that you may be able to negotiate a better deal. Sometimes you can get a substantial discount with an all-cash offer. Other times, the discount may be modest. And sometimes you'll find the seller won't give you any discount.

One disadvantage is that you're tieing up a lot of cash into an illiquid asset. Especially if you're a widow "of a certain age," make very sure that you've got enough cash and other liquid assets before tieing up a chunk into an illiquid asset like real estate.

Hope that helps.
0 votes
Sue Johnson, Agent, Chambersburg, PA
Fri Jul 8, 2011
Each situation is different and you really should speak to your tax preparer to determine what is the best thing for you to do. A Realtor really isnt qualified to answer this unless they are also a CPA, or tax attorney.
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