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"Cash only" means cash in hand at the time of closing -- not a mortgage. This request is increasingly common these days when someone is selling a property for relatively cheap. A lot of potential buyers are seeing their financing fall through at the last minute because of tough to meet lending requirements. And, if a seller is selling a property for like, less than $50,000, they'll often just say "give me cash" because they don't want to deal with the time consuming mortgage process that may not pan out. At any rate.. so, what should you do? Well you have two options. 1) get the cash. If you have really good credit you could try taking out a relatively high interest all-purpose loan from your bank. Or, if you already own a house, you could borrow against it. Or you could borrow money from someone else. Then, once you own the house you could "refinance" and get a regular mortgage on the house. Then, you can pay back the all purpose loan, or pay back your friend/family, whatever. The second option is to get pre-approved for a mortgage, and then take a chance and bid on the house, anyway. Then, maybe if the seller doesn't get any cash offers they will consider yours. But, there's a good chance they wouldn't accept this. Anyway, good luck. And be careful out there! Buying real estate is risky! Edit: In response to "Expert Realtor".. I am really surprised that a Realtor wouldn't be familiar with the rash of cash only and quit claim deals that are out there right now. You must not deal in foreclosures? Yes, you have to be careful with these deals because there could be a major problem. On the other hand, the banks that own them just want to write these off, liabilities and all. In some cases, the liability is very small. If it is, in fact, being sold under a Quit Claim deed, make sure to check with your local housing dept to find out if there are any liens! Because if there are you'd be on the hook for them. In short, my advice is to find out as much about the property as you can. And, if you've never done something like this before, read up on real estate investing as much as you can. But, really, cash-only deals are often the best bargains out there (because the competition for them is less) as long as you do your homework and make sure you know what the hidden costs are (including high estimates for the costs of finishing the house.) If this is a bank-owned house, you can easily find out more information about the property than the bank cares to know, and you can use that to your advantage. Edit: Not true about not being able to get a mortgage on an unfinished house. You can get a "purchase-rehab" loan, you just have to borrow enough money to also do the repairs. And you have to lay out a specific plan with the repairs you are going to do and have a licensed contractor for the job. A friend of mind just did this. Or, if your house is already inhabitable, you wouldn't need to do this.
Not a scam. What it means is that the seller isn't in a position--isn't able financially--to provide financing. I've run into this a lot. The owner has plans after he sells the property. Maybe it's to move out of state and buy another mobile home. Or move out of state and rent some place. Or move in with their children and pay some bills (often, medical bills). Sometimes, a way around it is to find out from the seller exactly what they need the money for, and then come up with enough money to cover it. Example: Suppose the seller has $6,000 in medical bills. You offer $7,000 in cash with the remaining $12,900 to be seller-financing. That really ends up accomplishing what the seller wanted. And, frankly, that's why buyers can get such good discounts by paying cash. In a case like you described, often if someone approached the seller with, say, $12,000 in cash, the seller would take it. Mobile homes (unless they're new) can't really qualify for much financing, and many would-be buyers don't have the cash to buy. So lots of homes just sit there, month after month, even when the real estate market around them is hot. Regarding properties sold "as is," they all are. It's usually not worth the price to get a real home inspection. But find someone who knows about building. Have him/her look at the property. Check, especially, the plumbing, HVAC, electrical, and roof. Look for rot in the floors, especially near the toilets and sinks. Hope that helps.
You probably have to pay cash because you cannot get a loan on an incomplete house! Find a hard money lender for the amount you cannot come up with.
The seller wants to see that you have sufficient funds to purchase the home as it VERY UNLIKELY for a bank to give a mortgage on an incomplete house. While you can use a mortgage to purchase at the time of closing, it unlikely that you will find a bank to approve such a mortgage.
You could get a mortgage if it is ready to inhabit. Be really careful with this, he may not even own it. He might think you won't get the title insurance or check his Grove Hill if you aren't getting a mortgage. Talk to your banker about a construction loan so you get enough to buy it and finish it. With it not complete it will be much harder to know what it is worth, get a good inspection and estimates to complete the house and yard.
I don't understand what the problem is. It makes no difference where you get the money from...ALL real estate transactions...are made in cash. If someone doesn't want you to go through a bank for the money...then I can tell you now..there is a PROBLEM with either the home or the title...and they know a bank will find it.
SURE, make an offer and see what happens. PUt up goodly earnest money deposit, be prequalified and see what happens. They WANT CASH deal, but they May accept something less. Convince them that you can make this deal happen.
If the seller wants only cash, then you have to find the cash.
You can get a loan from a bank or mortage company. The seller gets the cash and you get a mortage.
Sometimes you can like something too much. It has to be safe to live in and you have to be able to sell it in the future.