Paying Cash for a house in NC

Willc

Well-Known Member
Joined
Mar 31, 2005
Location
Shelby
So we have all seen the killer deals roll thru on distressed property for sub 25K . What is involved if you want to pay cash on one of these? I know the last place I bought you had the title search lawyer and had to have the septic inspected and a load of other crap but we financed. I am not looking to live in these houses but resale them after said repairs are done.

I know that I will most likely be out bid but one can hope. I would hate to commit and find out there is a large cash outlay after purchase for hidden cost. So has anyone done this?

I will mention that I have 16 years in the construction field so I know what I am looking at on these homes.
 
This is a great topic that I would love to learn more about. I have nothing useful to add. Good luck.
 
Just to clarify - are you just asking how a cash sale is different (easier) than a financed sale?
 
Go to the register of deeds and record the sale is the short story. Long story is you still want title insurance and the septic approved so you are protected going forward.
 
1- You will still need a lawyer to record the deed/transfer and get all the property tax info right.
All inspections are at your discretion BUT cash sales arent going to wait for that. You better be prepared to look at them and offer while on site.

The rest will depend of who you are buying from and the offer/contract language.
 
And if you sell it before a certain time period, big brother will want his cut too.
 
jeepinmatt said:
And if you sell it before a certain time period, big brother will want his cut too.
Click to expand...


Not if you 1031...which if he is talking about buying and flipping he will need to do.
 
The powers that be will probably want a paper trail of the cash too. We just purchased a new house and they wanted a letter from God as proof where I got the money. I ended up depositing a couple grand every week into an account to make them happy.
 
That's because you were using a lender and they wanted to make sure it wasnt a shell or arms length deal.
If its a true cash deal (and by cash I mean certified check not briefcase full of 100s) no one cares where it came from. Its not a regulated transaction like a mortgage.
 
A lot of the cash deals and auctions are as-is, so a lot less inspection criteria, and most of the inspections are for the lender, not for the buyer. So it could be quite a bit different.
 
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