Difference between cash payment for a home, and mortgage?

NYSpeed Automotive NYSpeed Off Topic
1

What is it?
Yesterday, a home seller wanted “cash only”.
I told the realtor, yeah that’s no problem… and was kind of confused to myself, how the fuck else would I pay?

Then I thought about it for a bit after I hung up with her, and was going to call back to clarify it, but ran out of time getting things for work monday.

So, what is the difference between a mortgage and “cash only”?
I figured when you take out a mortgage, the bank gives the owner all of the money up front, then I repay the bank in installments.
But then why did she ask me if that was okay?

when I was 18, I got a personal loan to pay my parents money for school, since time was running out and I needed cash for school fast, so they loaned it to me… then I got a loan and gave them back the money.
That was cash…
I’ll stfu, school me please (or let a link school me). I can’t seem to find anything on the internet about it. Or at least my search terms suck.

2

it means be ready to fork over payment upon a sales contract.

it means the seller doesn’t have to wait 30-60 days for the mortgage process.

it means CASH available NOW, e.g.- you have a line of credit to draw against and can hand them a check as soon as you have a sales contract (or post inspection, etc, etc).

3

Ahh I see.
Well, 3k in certified funds are due at the time of contract, then closing is 45 days from that date.

I getcha, thanks <3

4

It also could be no contingency sales

5

which is?

6

Cash only means you buy the house with cash, no mortgage…

Some sellers are dickheads, they don’t want to wait for a bank to give them cash, they want it right away.

7

Found it online…
here’s a snip of the payment part of the info.

Property will be sold non-contingent and cash to the seller. Closing to be in 45 days from sale day. There will be a 10% buyers fee added to the high bid price, Buyer will need a $3,000 deposit in certified funds at the auction.

Confuses me a rather abnormal amount… First time I’ve seen something like this, and of course it’s the one that I’m interested in -.-

8

Weird that you arent asking your realtor these types of questions.
Its kind of retarded demanding cash only, not many have enough cash to buy an entire house. Wrong move in this market on his part.

9

Of course, people are having a hard time getting mortgages (despite what the government is doing) - and if you have to do it on contingency, waiting for his old house to sell might take a while too.

Just a thought.

10

Cash only means buy a different house. It probably won’t pass a bank inspection.

11

There must be a reason why they don’t want their buyer to mortgage. If they were motivated to sell or had nothing to hide, they shouldn’t care, as long as they get their money.

12

I would say this is the correct answer when it is all said and done

13

It’s the weekend and they aren’t open. :X
and im trying to figure everything out asap.

thanks guys.

14

I’m guessing is a cheap house with some problems that would be a good flip or fix for yourself house.

seller doesn’t want to play games since the price is low so to weed out a lot of problematic people they make it cash only to avoid any issues…

15

a little work needed, ya.
realtor said there’s no terminate damage, water damage, foundation shifting… etc…
Was my first concern.

16

eehhhhyyyyeaaa okay.

17

^ i’ve actually only dealt with one legit realitor (sp) before.
said everything that was wrong with the house, actually made the home owners fix some things before he listed it, didnt say “oh this is cheap it fix” etc etc

unfortunately we didnt get the house :banghead:

18

but that house is pretty fucked up? lol

19

your an idiot to buy this house without a certified home inspector… if i had my commission riding on the sale i woudl tell you anything you wanted to hear

20

Where did I ever say it wasn’t going to be inspected?
I just asked…

Thanks.

Which was answered.
Lock please.

P.S. I fixed your little statement there for you.