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user3036169

Advice

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Will I be able to look at homes if planning to pay in cash from sale of current home?

Moving to a town about an hour away. My house is paid for and in my name but I have bad credit so won't qualify for a loan. I'm just getting started with the selling process (fsbo) but need to get started looking for a new place. I keep reading that I won't even be able to look at homes without a pre approval or a large sum of money in the bank, which I do not have. I am planning to pay cash for a new place with the money from the sale of my house. So my question is will I really not even be able to look for a new place until my house is sold? That would put myself or anyone in a pretty tight spot.. I'm in Southwest Louisiana, if that matters. Thanks.

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House needs repairs. Don't have money to make them. Need out fast. House is paid for.

Answer

Yes, I know why it's bad. Long story. Things just went haywire after my divorce. I don't know much about how all this works because my parents bought my house for me with cash so I never had to go through a loan process. It is in my name though. So I'm wondering if this means I will be able to buy the next house with cash after I sell this one because it's paid for? If not, could I qualify for any kind of loan with bad credit though the house is paid off entirely? Bad credit or not, I figure a paid off house is a pretty big piece of collateral. Thanks for responding to me. 

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House needs repairs. Don't have money to make them. Need out fast. House is paid for.

House is paid for and in my name entirely. But I have terrible credit. I simply cannot fix this place up to come close to breaking even. But the place is a good piece of property. Can I get rid of a semi fixer upper quickly without losing a ridiculous amount of money? And will I be able to get into another home fairly easily? I'm assuming because my house is paid for, it will make it easier to buy a new one if I sell this one. 

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