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Old 04-10-2018, 11:36 AM
 
Location: Florida -
8,238 posts, read 9,994,274 times
Reputation: 15081

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Not sure what type of housing or 55+ community you are considering, but, it sounds like you will likely have a property manager and perhaps an HOA (?) - The property manager will take care of things while you are away and handle rentals etc. (if you rent-out the property). If so, you should make sure they are highly recommended and perhaps even working with your neighbors. If you are taking another route, who will check-on and maintain the property while you are gone?

If you have an HOA, ensure the reserves are well-funded and there are no outstanding or near-term assessments (or liens). Also, arrange to pay your dues, whether you are there or not (to avoid potential liens).

Beyond the purchase and title search itself, paying cash or financing are pretty much the same, (unless a loan default, insurance or escrow account become an issue).
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Old 04-12-2018, 06:51 AM
 
Location: Kalamalka Lake, B.C.
2,966 posts, read 3,761,042 times
Reputation: 3768
Default Realtors are not lawyers and usually self interested

Quote:
Originally Posted by indianamike View Post
If I pay cash, I will be relying totally on the realtor to make sure all the bases are covered. I just worry that is not the right strategy to avoid future problems.
Realtors are like hookers: interested in you until they have your money. Arizona may be problematic when dealing with real estate. A state like California now has realtors liability almost like being a lawyer.

Since you're playing with cash and don't seem to know much about law, I'd suggest the involvement of a lawyere is required. It's also a good defense if you have some literacy barriers or lack knowledge about real estate transactions.

In California and where I am in BC Canada we don't take a pee without a lawyer being in on the game.
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Old 04-12-2018, 09:47 AM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
Quote:
Originally Posted by indianamike View Post
Title is one issue, liens is another, but I do not know if there are other pitfalls I need to be aware of. I want to go into this purchase with enough knowledge to know what questions to ask to avoid some future problem.
The lien would be against the house and the seller would get the difference of the money after the liens are paid off, plus like others said title insurance covers it.

You can do a lien search too, and you don't just hand over a check to a person, you need a RE agent or an attorney to handle the transaction

Just be extra careful it it's a for sale by owner and they don't want to pay for your RE Agent.

Best to find a home thru and agent and pay cash.
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Old 04-12-2018, 03:52 PM
Status: "Finally Done With C-D BYE BYE" (set 14 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,473,086 times
Reputation: 15430
Quote:
Originally Posted by thedwightguy View Post
Realtors are like hookers: interested in you until they have your money. Arizona may be problematic when dealing with real estate. A state like California now has realtors liability almost like being a lawyer.

Since you're playing with cash and don't seem to know much about law, I'd suggest the involvement of a lawyere is required. It's also a good defense if you have some literacy barriers or lack knowledge about real estate transactions.

In California and where I am in BC Canada we don't take a pee without a lawyer being in on the game.
Talk about hookers <bold>. Thankfully the OP is looking to buy in a far less litigious nanny state than CA is...
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Old 04-13-2018, 09:46 AM
 
7,843 posts, read 11,140,440 times
Reputation: 10079
I don't know about legal issues, perhaps tax implications?
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Old 04-13-2018, 10:09 AM
 
6,104 posts, read 3,266,484 times
Reputation: 8333
With rates still so low I would probably finance it and invest the cash.
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Old 04-13-2018, 12:03 PM
 
24 posts, read 11,086 times
Reputation: 42
Thanks for all the replies. Looks like I need to educate myself better.
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