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Can I Buy A House With Cash? Explained

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One of the smartest home buying choices you could make if you are trying to cut down on cost is to buy your house with cash. There is an increasing number of buyers that are willing to pay cash for the purchase of their home over going to apply for a mortgage.

How is buying with cash different from applying for a mortgage?

If you are someone who thinks 'Can I buy a house with cash,' you have to make a full cash deposit for the house without seeking assistance from a financial institution.

Let us look at the benefits you get if you have the question 'Can I buy a house with cash on your mind.

  • You get to cut down on cost when you buy a house with cash

Applying for a mortgage comes with many expenses like title insurance, appraisal fee, property tax, loan origination fee and much more. The interest you pay on the mortgage is another thing to consider which could go as high as 6.00%. Furthermore, the loan process itself could be cumbersome and come with much paperwork to fill. However, for someone wondering 'Can I buy my house with cash’ and would love to go through with it, most of these costs and paperwork would be cut off.

  • You get an edge in a bidding war

In a situation where many buyers are bidding for a house, your offer looks much more attractive to the seller.  Logically, the seller would consider a buyer with ready cash over others whose financing might just be denied.

  • You could get a better bargain

You know what they say about cash being king. For someone thinking 'Can I buy a house with cash,' you have a better chance of striking a good deal compared to a competition whose application for a loan might be rejected. The seller is aware that the sooner he can get his hands on the money the faster he can use it for his investments. You can take advantage of this fact to get a sweeter deal and a good shot at a lower price.

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  • Psychological benefit

There is this peace of mind that comes with having a house of your own with no strings attached to it. You never have to lose a night sleep over the thoughts of your outstanding mortgage payment. If you have been wondering 'Can I buy a house with cash?' you have the security in knowing that even when you hit hard times, your family still has a roof over their heads.

With a mortgage, you always have that nagging feeling at the back of your mind that the house does not belong to you.

  • You get to save for other important things when you buy a house with cash

Since you do not have a mortgage payment hanging over your neck, you can easily save for your next big dream which could be a family vacation or a new yacht. It could even come in the form of your child’s college funds, saving for retirement or also an investment. It all boils down to what you want.

  • You get to enjoy full equity

You can easily apply for an equity loan from a bank when you are facing severe financial time. Once the bank is aware that you have got full ownership of your house, approving your loan is faster. So that is an advantage for you in case you are thinking of getting the loan to cover your remodeling or your kid’s college fund.

How to buy a house with cash

  • Evaluate your finances

A person who has been thinking 'I want to buy a house with cash' and wants to go through on it should first take a look at their present income, future expenses, and liquid assets before paying cash for a house. Ensure that you would be able to fulfill other financial obligations, have adequate insurance and can fully afford your family’s expenses for the year.

  • Set a budget

Once you have evaluated your finances, you are in an excellent position to set a budget that would work for you. We would advise that your house budget be lower than the money you set aside, that way any unforeseen cost can easily be covered.

  • Go house hunting

Before going house hunting, you should have a list of features that should be a must-have for your dream home. You can then table these features before you buyer agent (if you have one) and he will be able to direct your target to suitable houses. He could even help you search for sweet deals before they hit the market. However, if you do not have a buyer agent, go through the real estate listings and do your homework on your top choices.

  • Hire a buyer agent

While the service of a buyer agent might not be entirely necessary,  having one would give you a competitive edge on your purchases. A buyer agent would bring in years of experience in house hunting as well as negotiate. A buyer agent with a good bargaining power can help you avoid some things as well as cut down on cost.

  • Make an offer

Once you have found the house, you want you will then work with your agent to submit a proposal for it and sign the purchase agreement. Even if many buyers are making an offer, remember you are ready to pay with cash, and that would be an edge over other competitions in the bidding war.

  • Inspection and appraisal

Once you have agreed on a price with the seller, it is time to carry out a thorough examination of the house. We would advise you to employ the service of a professional inspector. A licensed inspector will carry out a thorough inspection of the home and check for structural issues, termite infestation or any other thing that could lead to future repairs.

You would also need to employ professional appraisals to ensure you are getting a good deal for the house. If the assessment comes in high, you can go ahead with the purchase. However, when it is low, you would have to renegotiate with the seller or even walk away from the contract entirely.

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  • Close the deal

When everything is in place, and you have got your blessings from the inspection and appraisal officer, it is time to close the deal. All that is left for you to do is to fill the necessary paperwork like the homeowner insurance and bring in the cashier check for the house.

You can now stop wondering 'Can I buy my house with cash' and go through with the process.

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