Going to buy a house for cash

[399083453]

Originally Posted by Townandcountrygal

I paid cash for my house and now regret it.........If I had a mortgage, I could just walk away and let it go into foreclosure but I'd still have money in the bank.

You dont just walk away with no consequences. Banks and debt collectors will be going after people with assets. Once they get a court judgment they can garnish your wages, force you to sell assets, etc. The judgement can be valid for 20 years. Bankruptcy also has issues if you have many assets.

Walking away is not as easy as you think.

[Rhapsodie2014]

I can say that I am also thinking that way.....maybe just better to put hefty down payment.....always better to have the money in the bank....especially if income becomes questionable due to layoffs etc...

[chet everett]

The looney bird commentators on cable TV have lost sight of things that most real estate investors and real estate agents have known for years -- only the super rich (peope that make the 1% seem poor...) and the really poor (folks that have little or no financial literacy that win a court settlement but still have no prospects for ongoing income...) are sane buy a house for all cash.

For the super rich the ongoing expenses of their enormous mansions probably far exceed what any bank would be willing to lend them and for the super poor the instant 100% equity gives them some kind of "ballast" against blowing their windfall in a more foolish way...

Originally Posted by Rhapsodie2014

I can say that I am also thinking that way.....maybe just better to put hefty down payment.....always better to have the money in the bank....especially if income becomes questionable due to layoffs etc...