Buy a house with cash or a mortgage?
Q. I should have a pretty good amount of money saved up in the next couple of years. Should I buy a house with a mortgage and already 50% paid off, or just wait until I can just buy one with all cash? I know mortgage's are good for your credit rating, but mine's already pretty good and you waste a lot of money with the interest on a mortgage. What do you think?
Asked by Moral Orel - Sat Sep 11 01:07:02 2010 - Renting & Real Estate - 7 Answers - Comments

A. Cash is king! Having a mortgage saves you money in taxes. if you have little income it may not matter so you have to consult your accountant to see which way you should go. Conventional wisdom is to take out a loan and hold onto your cash to do other things.
Answered by Tiger Balm - Sat Sep 11 01:21:13 2010

Does anyone have royal sporting house cash vouchers for sale?
Q. As above. Does anyone have royal sporting house cash vouchers for sale? Would like to purchase $80 if possible... pls email me at if u have vouchers for sale! pls also include the amount u have and the price. Thanks!
Asked by SummerRains - Mon Oct 1 04:41:51 2007 - Yahoo! Shopping - 2 Answers - Comments

A. yes i have alot here
Answered by hghazoly - Mon Oct 1 04:49:23 2007

Do I really need a credit card if I am financially secure, including buying my own house in cash?
Q. Three years ago, I closed all of my credit cards and became debt free. I own a successful business, and only use debit check card if neccessary. I am financially capable of buying a million dollar house in cash..Should I need to apply for a credit card? I've received countless offers, but I am not interested. My friends think I should, I am terrible at keeping tracks of payments and all. My question is, if I can spend my money on something that I want without having to borrow the bank, do I still need a credit line?
Asked by L L - Sat Jun 16 18:15:03 2007 - Credit - 8 Answers - Comments

A. No, of course you don't need a credit card! In fact, you sort of answered the question yourself. You have a debit card that works essentially the same. You have no need for one, and a friend advising you that you should get one doesn't understand your situation. You do seem to have an admitted problem with "keeping track" of payments. That's something you should work to deal with. Particularly it is true when you have significant assets, which it appears you do. The only purpose of a credit card, which is to fascilitate a transactiono, is fulfilled with your debit card. Learn to manage your money though, or it will manage you. I recommend a course at "provident living" that may help you. You don't need a "credit… [cont.]
Answered by Lorenzo - Sat Jun 16 18:20:33 2007

i am buying a house for cash and i dont know what the process is to do it?
Q. i live in Nebraska and i am going to buy a house for cash. $3000 to be exact. the house is already paid off by current owner. what do i have to do since i am not going through a realtor or a bank? the house is in need of some work yes for 3000 bucks it will need work but its nothing like fraud or anything like that. im buying from a friend of the family and just want to make sure its done right.
Asked by Shady - Fri Oct 28 10:51:39 2011 - Personal Finance - 3 Answers - Comments

A. Did you do a home inspection? The house could be riddled with termites, have major plumbing and electrical problems, mold in every wall, electricity that is about to catch on fire, ac and appliances that don't work, a foundation about to slide off the hill, a roof about to cave in, etc Did you do a title inspection? The house could have $500,000 worth of back property taxes and lies on it Get a book called Home Buying for Dummies ^ not an insult - it could save you thousands --- Do the title search - even a friend can have debt (liens on the home)! - and the home inspection (especially for electrical, plumbing, mold, etc)
Answered by Talk Turkey - Fri Oct 28 11:04:21 2011

if my mother buys a house cash and puts it in my name what would be the tax consequences?
Q. my mom is buying a house for me and my kids. she is paying all cash for it. how would we go about claiming this on our taxes the legal way? kern co., CA
Asked by christeldm - Wed Jun 23 20:40:41 2010 - United States - 8 Answers - Comments

A. There is nothing for you to declare until you pay something. Your mother can't even deduct the taxes unless the house is titled in her name and then transferred to you. There is another issue that nobody else has mentioned. Your mother will have to file a gift tax return. Before she does anything, she needs to consult with a tax expert. If she does it the wrong way, it will cost her a lot of money. I hope this helps. Gary
Answered by garyg7 - Wed Jun 23 21:26:27 2010

How soon can you close on a house by paying cash?
Q. We are looking to buy a house and we was wounding if we can close faster if we pay cash?
Asked by Gina - Sat Oct 17 15:10:12 2009 - Renting & Real Estate - 3 Answers - Comments

A. Sure you can. As soon as the title work is done with a title company and you have the time, you can close. Much better and cheaper paying cash as no lender fee's or demands for survey , appraisals, etc. I would have inspections done as well as a survey to make sure it is in good shape and survey to make sure it is the house you are looking at and not one on the next block over and it is not encumbering on others property and others property not encumbering on yours..
Answered by Mullitover - Sat Oct 17 15:18:14 2009

What are the advantages and disadvantages of buying a house for cash?
Q. Am buying a flat in the UK with the intention of renovating it and sell it on. Probably have enough money to buy with cash with enough spare for the renovation. Please can someone tell me what the various advantages and disadvantages are of taking this route as opposed to getting a mortgage to buy the house with. Many thanks MAtt
Asked by Matty - Tue Aug 29 05:08:29 2006 - Renting & Real Estate - 8 Answers - Comments

A. In most cases, it will be better for you to get a mortgage. Even Bill Gates has a mortgage on his home. The reason being is that interest rates are still fairly low (at least in the U.S. - I'm unsure of the U.K.). You would be better off investing the cash you have because the return will be greater than the amount of interest you pay on a mortgage. If you get a mortgage at 6%, but you can invest your money and earn an 8% return, you just made 2% on your money, not to mention the money you will receive after you sell the home. You can make far more money by obtaining a mortgage and making wise investments with your cash.
Answered by dlapasky - Tue Aug 29 09:53:48 2006

I bought a house for cash, and now want a mortgage to raise money. Do I need a remortgage or a regular mortgag
Q. As the questions says... I just bought a house and want to get a mortgage to pay back my parents who loaned me the cash to top up my purchase. I am confiused, however, do I require a regular mortgage or a remortgage?
Asked by idnzor - Fri Jul 25 09:14:41 2008 - Personal Finance - 7 Answers - Comments

I'm trying to buy a house in cash. Who can help with the process when I find the house I like?
Q. My husband and I are looking for a house to buy in cash. When we find the house we like, who can help to continue the process of buying the house?
Asked by lupelove97@att.net - Fri Jun 18 12:27:19 2010 - Renting & Real Estate - 4 Answers - Comments

A. ANy local real estate agent can handle the transaction for you.
Answered by Landlord - Fri Jun 18 12:40:23 2010

How much of a discount could I get paying for a house cash?
Q. My husband and I are have land and we want a house built on it, however we want to pay cash for the house so we don't have to do financing...how much of a discount could we get that way?
Asked by Amberina327 - Sun Jun 22 15:23:33 2008 - Renting & Real Estate - 5 Answers - Comments

A. You pay the contractors as you go. The discount will be in the form of no interest payments. But the contractors expect to be paid right away no matter what.
Answered by Landlord - Sun Jun 22 15:30:53 2008

what is best for 1st time home buyers? old cheap house bought cash or nice house with a mortgage?
Q. I wouldn't mind to live in an old and not so beautiful cheap house for a few years in order to save money. And then, buy a nice house. What do you think is better? Buy a nice house with a mortgage or buy cash an old house, wait a few year, and save money? I don't have any children yet.
Asked by rebecca2008 - Fri Apr 4 11:21:53 2008 - Renting & Real Estate - 14 Answers - Comments

A. It's always the better route to avoid being in debt. If you don't have a mortgage payment you're financially free. You won't ever have to live in fear of losing your job and being out on the street because you won't be able to make your mortgage payments anymore. Personally I'd live in the old house forever and rack up huge savings by not having a mortgage and retire earlier.
Answered by hejustlaughs - Fri Apr 4 11:26:40 2008

Buy a house cash what bills will i have?
Q. im 19 and something happened in my family that left me with a good amount of money and im going to buy my first house and don't know what to do. If i buy it cash what other bills will i have? Any annual fees when buying a house? Monthly Bills?
Asked by - Wed Apr 6 21:06:08 2011 - Personal Finance - 5 Answers - Comments

A. I'm assuming you want only to know costs involved with home ownership, i.e., costs that you wouldn't have if you were only renting: 1) Property taxes - figure about 1-2% of the home's value annually, depending on where you live. 2) Homeowner's insurance - not required if you don't have a home loan, but a really good idea. Figure roughly 0.2% of your home's value, again depending on where you live and the house itself. 3) Home Owners Association fee - you may not have this where you live, but it cover the costs of common shared areas (like community pools, common landscaping, even share private roads, etc.). These are highest for condos, but even detached houses can have a cost here of roughly $25-$75 per month. 4) Maintenance - there's… [cont.]
Answered by Marko - Wed Apr 6 23:09:02 2011

What does it mean to sell my house for cash?
Q. We need to sell our house quickly due to relocation. I've contacted a couple of those websites that offer to buy your house no matter the condition for cash. My house is in great condition and we know we're going to take a hit financially whether we try to sell it the 'old fashioned' way or otherwise (we've only had it a year and homes don't appreciate well here, even with a good market). My questions are these: What are the pros/cons of selling for cash? How do I pay off my mortgage if I get 'cash'? Will it affect my credit? Will I take a hit from the IRS? We really need to be out of here in about 5 weeks. Our house has been on the market now for about 2 months with little to no response - Texans and their irrational belief that any house… [cont.]
Asked by flowerbud1977 - Fri Aug 24 13:43:18 2007 - Renting & Real Estate - 7 Answers - Comments

A. When you sell for cash, you're getting money from someone who's not taking a mortgage. It doesn't make any difference, you're still getting money. You're not actually going to get a bag of cash, you'll still get a check. You're just not getting it from a mortgage company. So it doesn't make any difference at all. At your closing you'll give the "cash" to your mortgage holder and sign lots and lots of papers. Just as if you got the money from a buyer who was getting a mortgage. If you're not getting any interest in your house there's a reason: it's listed too high! Period. People think they can get what they think a house should be worth and are frequently disappointed. If you want to sell it, list it a the fair market value or a… [cont.]
Answered by Glennroid - Fri Aug 24 13:50:50 2007

Is it good to pay for a house with cash instead of finance ?
Q. what are the benefits to pay for a house cash
Asked by mzrozwilliams365 - Sat Nov 15 02:38:19 2008 - Renting & Real Estate - 6 Answers - Comments

A. If you have the money, it's the best way, because you don't have the hassles of a mortgage. It will give you a fantastic credit rating too. However, having a mortgage can be a good thing. It all depends on many circumstances. I regretted it big, that I bought my first house with cash. My then wife saw the dollar signs, asked for a divorce and wanted half of the houses value. With a mortgage, there wouldn't have been that issue. Another thing are the tax breaks you get with a mortgage. It can get a bit complicated, to predict, what is better for an individual, but in most cases, I would say, pay cash if you can and have a stable marriage.
Answered by bonsai - Sat Nov 15 07:03:20 2008

I am going to buy a house cash 100k, I have a tax question?
Q. I am going to buy a house for 100k cash, I have 100k savings in my account from my internet business but I failed to report the money past couple of years. When I go to transfer the money into escrow and close the deal, will I have any tax issues? Will it affect me? Please help!
Asked by Jane - Tue Mar 9 14:02:07 2010 - Personal Finance - 4 Answers - Comments

A. I heard this on Fox News. 26% of new home buyers are all cash buyers. Still trying to figure this one out - I guess you're one of them. Did you also work? Did your husband work? You could just say that this was money you saved? /
Answered by Talk Turkey - Tue Mar 9 14:06:04 2010

Should I buy a house with cash or rent for three years?
Q. Being in the military, I can get about 2100 dollars a month for housing. Over three years that is over 75k. Should I buy a house with cash outright and save that 75k or would I end up losing more than the 75k I managed to save?
Asked by PJ - Mon Mar 14 18:18:14 2011 - Renting & Real Estate - 1 Answers - Comments

A. I would say buy a house. But 75,000 does not go very far in the American housing market. But with that kind of money you could easily get a Hard Money Loan. Also if you do want to simply use the cash to buy a house 75K will get you a good condo. I hope this helps
Answered by Lionheart - Tue Mar 15 18:35:28 2011

Is it better off to pay cash for a house being self employed with a low 600 credit score?
Q. My internet biz has took off and making 250k this year, but i hear that to qualify for a mortgage is increasing difficult, especially for self-employed that's always been more difficult, with my low credit rating, am i better off just save 2-3 years of money and buy the house with cash then to find a lender today?
Asked by binglind - Mon Jun 7 03:32:25 2010 - Renting & Real Estate - 2 Answers - Comments

A. Yes, you're right, it would be just about the only way. Besides, if you can save up and pay cash, you won't have to pay tons of interest on the mortgage, and you'll save big in the long run.
Answered by Piggiepants - Mon Jun 7 03:45:24 2010

what is the trouble to buy a house for $300 000 in cash?
Q. I don't know what will come when I buy a house in cash for $300 000. The thing is that I can't prove where the money come from. I claim to work part time with no income. Does the government make trouble to me about that money
Asked by hoacomay - Mon Sep 14 23:13:11 2009 - Personal Finance - 2 Answers - Comments

If I purchase a house with cash and fix it up can I resell it to a non-arms length party?
Q. Here is what I am thinking, buy a house, that needs work, for say $20,000, and fix it up myself. I don't have very good verifiable income. So instead I would sell it to my Dad and myself, we would both be on the title, basically as a way to do a cash out refinance 6 to 12 months from now. 1. Would this be possible? 2. Would I have to pay capital gains tax, even though I am still on the title? Thanks!
Asked by downlinerecords - Tue Oct 12 13:53:10 2010 - Renting & Real Estate - 1 Answers - Comments

A. You would be selling 1/2 of your interest in the property to your dad. He could get a mortgage for his half. The gain on the 1/2 you sell would be capital gain income to you.
Answered by a tax lady - Tue Oct 12 14:10:25 2010

what do i need to watch out before entering into buying a house with cash.?
Q. do i need pay sales taxes for the sale price of the house. do i expecting any paper to be sign. if there is any sales taxes who will pay the taxes? buyer or the selley? what is the best way, safest way for this cash transaction. 1 do not want to be scammed.
Asked by Ironman - Thu Jan 8 07:27:40 2009 - Investing - 2 Answers - Comments

A. Get a lawyer to draw up a contract, and a title company to do the paperwork. Make sure you have the house inspected by a licensed inspector.
Answered by jeff410 - Thu Jan 8 07:42:17 2009