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Old 08-25-2017, 03:48 PM
 
34,813 posts, read 33,657,209 times
Reputation: 60481

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Quote:
Originally Posted by howard555 View Post
They said they would pay cash. But cash offers do not impress me because if they got a mortgage, I'd get the cash any.
Until I know more I won't know how they will pay cash. I think the couple means they have enough in the bank to pay for it depending on agreement on price. Or their parent in another country has the cash and will buy it for them by sending them the cash via an official bank check, etc.

The only thing I wonder is why doesn't the couple with good jobs get a mortgage. Maybe low credit rating or maybe they are not even legal residents of the USA. (?)
When we talked he did not indicate that he wanted to avoid a lawyer or an inspection, just the real estate commission of 6%.
It really is none of your business why anyone does not want to get a mortgage.
We paid cash for our home because we could.
Contact a real estate attorney to get all of the documents ready for the sale of the home or don't sell the home.
No one here can give you *any/all* legal advice you need.
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Old 08-25-2017, 05:08 PM
 
Location: CA, OR & WA (Best Coast)
224 posts, read 142,951 times
Reputation: 187
Quote:
Originally Posted by mathjak107 View Post
we bought our homes with no mortgage but we certainly used an appraiser and inspector .

one thing has nothing to do with the other . you still need to do your own due diligence
The only thing different for us when we purchase a home outright "cash" was the speed it was done. We closed the house in 5 days. Other offers for higher purchase amounts were turned down because we didnt have to rely on a bank to fund, appraisers and other red tape.

We still used a broker and had home inspections.

Oh, and actually have a deed with our names on it
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Old 08-25-2017, 05:47 PM
 
Location: The analog world
12,410 posts, read 6,941,300 times
Reputation: 17004
Quote:
Originally Posted by headingtoDenver View Post
To me, a cash sale would be king. No worry about financing falling through. No worry about appraisal meeting the sale price. No waiting for the buyer to sell their house first.
^ This. We bought our house for cash. Title company handled the paperwork. No muss, no fuss. OP, you're making this way too complicated.
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Old 08-25-2017, 06:17 PM
 
Location: Saint John, IN
6,974 posts, read 1,733,605 times
Reputation: 6973
Quote:
Originally Posted by howard555 View Post
I like the idea of cash but want all the legal documents prepared by a real estate lawyer who handles closings to protect us against any future issues of all kinds including personal injury due to some structural failure. I won't be able to force them to buy home owner's insurance. I want to be protected. Similar to the standard bill of sale when you sell a car. Release of liability.
This makes no sense to me!



First.. . an all cash deal just means the buyers are not getting a mortgage and therefore IS better in most cases as a lender could back out giving a buyer a loan at anytime!

Second.....even with a cash buyer all contracts are usually prepared legally! And NO ONE can force a buyer to buy home owners insurance, which btw would not protect you as a seller anyway! As long as there was no proof of prior problems with the home the new owners or their guests can not sue you for liability unless they can prove that YOU were concealing evidence of such defects that caused injury. And as you know, anyone can try to sue anyone for almost anything anyway!

I suggest before you sell a home you discuss these concerns with an RE lawyer as you seem very confused. As you know, no one here can give actual legal advice.

Last edited by CGab; 08-25-2017 at 06:35 PM..
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Old 08-25-2017, 06:30 PM
 
Location: Saint John, IN
6,974 posts, read 1,733,605 times
Reputation: 6973
Quote:
Originally Posted by howard555 View Post
All good points and we agreed before we asked the question.



We know such a lawyer that we have worked with 4 times.



We have one in mind



It's asking a price and the buyer agrees - negotiation.
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I know of a situation where a house was sold with a defect. The inspector missed it. This defect later helped start a fire. I want no liability for any injury to person or property on or after the closing date.
In this case the NEW owners home insurance would be used. If they have no home owners insurance it would not be your issue. The inspector and his company could also be held liable if they missed it. You would only be held liable if you falsely signed a document stating there was no issue and they could prove you knew otherwise.
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Old 08-25-2017, 07:37 PM
 
23,800 posts, read 45,463,790 times
Reputation: 16527
Proceed as you see fit...

I like clean and simple deals... doesn't get much simpler than AS-IS without a mortgage contingency, appraisal, inspections, insurance, etc...

As long as you have willing and able buyer/seller that agree... what is not to like?
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Old 08-25-2017, 07:39 PM
 
1,352 posts, read 500,236 times
Reputation: 2406
Cash sales with verifiable funds are less risky for sellers as the money is there and the closing is quick. But I guess some sellers are soured on this as flippers usually offer cash and some people don't like to sell.to flippers.
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Old 08-25-2017, 07:44 PM
 
23,800 posts, read 45,463,790 times
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In the competitive Bay Area market 40% or more homes sell for cash...

This does not mean the buyer will leave all that equity in the home.

It means the buyer realizes in a highly competitive market making a simple cash offer is an advantage... once the home is secured and the buyer moves in many will place a first mortgage on the property within the first year.
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Old 08-25-2017, 08:56 PM
 
483 posts, read 149,164 times
Reputation: 1030
Quote:
Originally Posted by jaynarie View Post
Plenty of people pay for homes with cash. Most sellers prefer cash buyers. It is usually a quicker process. You don't have to worry about an appraisal. Many cash buyers will waive the inspection.

It is quite common. You are suspicious for no reason.
Exactly. We are buying a lot, probably within the next two months, all cash. Faster, no contingencies, etc. A mortgage has drawbacks for us in terms of the amount of our credit used and, generally speaking, we have seen homes and land selling for less with a cash offer than a mortgage in this area. We have saved up for a long time to get to this point. It's a good choice for us and there is no shady reason for it - we are a family looking to build our dream home and want to get the land and shell done without a loan or debt. Construction loan will be taken out once the walls are up and the openings are all sealed and weathertight.
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Old 08-25-2017, 09:00 PM
 
483 posts, read 149,164 times
Reputation: 1030
Quote:
Originally Posted by headingtoDenver View Post
To me, a cash sale would be king. No worry about financing falling through. No worry about appraisal meeting the sale price. No waiting for the buyer to sell their house first.
Yup. All of this too.
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