How do you buy, not mortgage a house?

Question

Let's say a house costs $300,000 and you have the money in full. How do you just buy it? Do you pay it with your checking account? With a check? Or in cash? And what does your credit score have to be to buy a house? Over 600? What?

Answer 1

if you pay cash you don't have to get homeowners insurance. That is something that the mortgage company requires.

I'm not suggesting that you don't need it, I'm just saying you don't have to have it id you don't want to.

Answer 2

If you are buying a house outright, you need only tell the buyer that you will be paying for it and do not need financing.  The title company will likely require either a cashier's check or a wire transfer.  For safety reasons, I'd opt for the wire transfer, from your account to either an escrow account held by the title company or the seller's account.  

If you are paying cash, it doesn't matter what your credit score is, that only matters if you are trying to get a loan.

Answer 3

If you are buying outright then you don't need a credit score. You do need to get insurance though. You tell the real estate office who has listed the house you want to buy that you are paying cash, and you want to make an offer. Always offer 20% less then haggle with them till you come to a final price. Make sure you get a title or deed in your name with no lender on it, and make sure you have accounted for the closing costs. Generally agents get $6000 for the entire sell, $3000 from each person, the buyer and seller.

You actually would go to your bank once the sale is final and  get a cashiers check from the bank written off of your account. It is a check but it is a check from the bank saying you guarantee the money is in the account. The bank ties up the money till the check clears and then you have finalized the sale. You will of course have in the beginning gotten a statement from the bank stating that you do have funds available so that they take you serious when you make a bid on the house.

Answer 4

If you have all the cash  (or a certified check) and buy it straight, that's that. You don't need a mortgage or anything. But I would suggest you go though a notary public to make sure the property is in the clear (all those nitty legal things that might pop up, you never know).