Profile picture for Peg Lebel

I own a condo that the mortage will be paid off by Dec 2014 and will be selling .

I will be moving to Florida after that. how do I use the proceeds from that to buy another home and I am trying not to get another mtg. Can you pay all cash???
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March 21 - US
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Answers (4)

One of the key things to clarify here is 

1- Is your condo owner occupied?? do you live in it?? Or
2- Is your condo an investment?? do you rent it?? 

Bottom line is all answers below only apply to owner occupied - no tax effect. However, if its an investment property, you may have some tax issues. I'm not an accountant, so heads up !!

By the way, what city is your condo in??

Sheri
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March 21
Great choice!  Florida is amazing. No state income tax!!!
Purchasing with cash is like buying coffee at Starbucks. 

Once you know the budget and location it's time to go shopping.  Hopefully there will be something available you like in the budget.

The best part of purchasing all cash, is the closing costs are next to $0.  in Plam Beach County (South East FL) the seller pays for the title policy and transfer taxes so all you have is a small closing fee from the title company to handle the paperwork.

Feel free to google my name and read my reviews if you plan on moving to Palm Beach County!

Craig
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March 21
Profile picture for wetdawgs
Yes, one can buy a home all cash.  You will need to show proof of funds, and at closing your bank will provide a cashier's check for the correct amount or wire transfer funds.
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March 21

Any offer that you place on your new home in Florida will either need to be made a)Contingent upon you selling your Condo in California or b) provide evidence of the ability to pay cash for the new purchase (example - account statement showing the funds in the bank).

Best of Luck

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