Profile picture for user480529

Buying a house cash in Dearborn MI.

I intend to buy a house in Dearborn MI. I would like to pay for it by cash. What are the pros and cons to do so?
  • September 06 2012 - Dearborn
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Answers (1)

Profile picture for Connie Klemme
well a pro of course is that there is no loan process, no appraisal and you can close on a shorter timeline, no closing costs etc.   You also become the only party that really is concerned about the condition of the home, so if there is something like an add on bathroom that doesn't meet appraisal requirements- it's not an issue unless you make it one (and assuming there isn't an occupancy issue by local municipalities.).


the cons....you let go of a lot of money at once when you could have had that in the bank making a tiny bit of interest or could have been spent on somethign else while you make payments.    and an appraisal is not required so if you don't get one or don't check out for yourself to verify that you are paying a fair market price you might pay too much.


that's about it.
cash is certainly easier.   it is not reccommended to close without title insurance even in a cash sale- that's still a good idea but since there is no bank to require it, then you could close without it.  (i'd never do this but people do).
  • September 06 2012
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