As a first time home buyer, if I have the money, does anything else really matter?

Question

I'm looking to buy my first home. I know what my price range is and don't plan on taking out a loan or anything. So if I have all of the money for the asking price will I get the house? Do age, income level/etc matter since I have the money up front? Thank you.

Answer 1

Most restrictions on home-buying are caused by the mortgage lender.  As you will not have a lender, I can't think of what your restrictions would be.  The ones you mentioned would be illegal, anyway.  You will probably need to get title insurance, but that is not about you, that is about existing liens on the property.  I think you are good to go!

Answer 2

Depends. If you try to move out of your comfort zone. The relator may not let you.  If you know what I mean.

Answer 3

it sounds like you have cash up front to pay for a house. but there is more to it.

I own a 110,000 home free and clear. but i must also come up with about 5000 per year for the annual stuff, plus save 300 per month for upkeep, repairs, and maintenance .

here is what i pay

property taxes 1200 annually

school taxes 1500 annually

homeowners insurance 1200 annually

home owners association 400 annually

flood insurance 280 annually

upkeep and maintenance 300 monthly

lawn mowing 140 monthly

so make sure you have the additional income to really afford your home of choice.

Answer 4

Congratulations on good saving habits!

You should have no difficulty in buying a house for cash, but I would advise you to do the following: 1) Have a good knowlegable REALTOR represent you as a buyer's agent. He or she will represent you (only hire someone who will work for you as a single agent). That REALTOR will do some comparables for you and give you a good idea if this property is offered at a fair price.

The same agent will also negotiate on your behalf and guide you through the whole process. 2) You will want to pay for an appraisal, hire a home inspector and make sure you have either a good title company doing the paperwork or hire your own real estate attorney.

The REALTOR may know of even better houses on the market that you could look at before ever making the offer on this one!

Answer 5

An all cash, up-front deal is very desirable.  I know of situations where the buyer has taken slightly less price to get an offer that is contingency free.  You are in a very good situation.