can i buy a house with cash?

Question

I mean like walk upto someones house (with4 sale sign) and say heres the money then thats it or do u have to go through solicitors
the reason I ask is my dad has come into money and wants to buy me a house but I dont have a bank account (blacklisted )
and I dont want to have to pay for surveys etc or middle men or anyone Lol
the house I want is the exact amount he will give me
If you can't just buy a house why not thanks

Oh forgot to mention my dad is an all round builder so any problems with the house dont concern me ,
the reason I wanted to know is because he said you cannot just go too someone and say heres the cash wheres the deed's so to speak and the house I want is 6 door's down from him and I am trying hard not too run up their path cash in hand

Answer 1

You can buy a house with cash. Most people don't have that kind of cash so they have to mortgage. You're better off paying cash because then all you do is build equity. Unless the house is a total money pit or in a crappy neighborhood it will only increase in value, and because you own it free and clear the money is all yours. Just don't go over extending yourself just because you can. If you get $300K for example, don't buy a $250K house. Buy a $100k house and bank the rest. Leave some for repairs and upgrades and bank the rest. You'll still need to pay property taxes too. To lean more about smart money management check the website listed below.

Answer 2

You can always purchase a home with cash. It's the most expeditious way to do so.

It is technically possible to purchase a house without the services of a solicitor though only a fool would do so. Skipping the 2 or 3 grand involved in the survey, solicitors fees, etc when making an investment of tens or hundreds of thousands for a home is truly being penny wise and pound foolish.

If an estate agent is involved, they'll get their commission regardless. They are paid by the seller although that is figured into the cost of the property to be sure.

Since your Dad is buying the home, what do YOU care about how the transaction is completed??

Answer 3

I think you would want to have written assurance that the house is free and clear. You want to make sure that the current owner has paid off any mortgage note they owe, and paid all required taxes, and settled any inheritance or divorce claims. You would hate to give someone all this money and have the house taken away wouldn't you?

These steps you want to skip are steps to assure that this house becomes yours in truth.

Answer 4

You father is correct. There is a process and a lot of paperwork that needs to be completed propertly to transfer title/deed to new owner. Cash is nice but you will need a cashier's check for closing.