Why would a bank-owned property require a cash-only purchase?  What are they not telling us?
604495
Aside from those mentioned, there are a number of reasons why a lender may not want to finance the home.  First, if the price is SUCH a bargain, it may be an amount that is lower than what they traditionally finance.  I once bought a condo for a price that was so good I couldn't find a lender to finance it.  They didn't want to bother with a little $30,000 mortgage...it was too small.\n\nI also know that sinkholes have been a problem in some areas and have made getting a property financed impossible.  This is not likely, but it never hurts to ask if there's been a history in the area.
501630
With commercial properties, it is more of how much the property makes, not you.\n\nIf the property has good cash flow, it is easier to get the loan.
662555
Contact your real estate broker, they're usually experienced with things like this.\n\nMy understanding is that usually there's a clause in the selling agreement that if the buying party can not full fill the payment required the transaction may be canceled.
957378
You can have any amount of cash at home - how would they know what you've got ?? What you cant have is more than £6,000 sitting in a bank account .  If you've got hoards of money at home - why go through all the hassle just to claim £52.00 per week that you're not entiltled to anyway ????  xx
18631
The bank does not sit and watch your individual account so they don't know if you have enough money or not until the transaction goes through.  If the transaction goes through and you don't have enough money then it is red flagged and you are charged for insufficient funds fee.
590380
BECAUSE YOU HAVE TO PAY INTO UNEMPOLYMENT INS. IN ORDER TO COLLECT IT  ''DAH''. IF YOU DON'T PUT MONEY IN A CHECKING ACCOUNT YOU CAN'T WRITE CHECKS.SAME THING
1146033
When you are purchasing a property through the foreclosure auction, the person conducting the auction has to verify the funds prior to the auction.\n\nAt the auction you must have cash or a cashier check and that's the bottom line. There is no down payment, You have to have the full bid price in order to be successful at the foreclosure auction.\n\nThere is no 24 hour period in order to get or secure the funds. If you don't have the funds at the auction you can not bid or be allowed to bid on a property.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
409861
now a days best investment for an n r i is buying land only.\nbut u have to buy secured land only
570334
inquire-- that is just a question! If you are looking to acquire investment property the process is about the same as any purchase. Depending on credit, capacity, and the collateral every purchase is different. Your appraisal will have to have a rental page filled out and you will be required a much larger down payment as well as reserves. The application must show as investment property rather than owner occupied intentions. Many first time investors will buy the home as owner occupied and place their current residence into the rental market so they get better pricing on the mortgage. That is assuming you are not paying cash for the new purchase. \nGood luck to you!
756088
Previous answer is correct in that this is a commercial loan rather than residential.  There is a much more involved process in qualifying for the loan because, in short, not only do you need to qualify for the loan, but the building itself needs to qualify as well for lack of better terminology.  Many lenders will want to see not only your income but also the tax records from the previous owners showing the income of the building...the Schedule E, which you should want to see as well if you are considering buying.\n\nOne option that is more common on commercial property is for the current owner to do what is called a carryback, where in order to finance more of the building, they will hold a mortgage for anywhere between 5-20%.....that's a general rule, you may be able to convince them of more....and the terms of that mortgage would be between you and the current owner.  \n\nAny commercial loan officer should be able to help you out.....make sure you intrview several and go with one that has been in the business long enough to know all the ins and outs.  Also make sure you go with one that specializes in Commercial properties versus residential.  If you know a good residential lender, they should be able to refer you to a commercial  lender.\n\ngood luck!
634573
You are just asking for trouble by not working with a title company.\n\nSome 'cash' deals include legal documents that will transfer title for $10.00\n\nIf the check you get from the buyer turns out to be no good you're officially dead without an attorney.
583860
There are three aspects:\n\n1. Asking for paying difference: Bank get the agreement in such a way that if they sell property and the same is not sufficient they can sue for remaining amount and get that from other personal property of the loanee. So the bank can definitely ask your husband for difference.\n\n2. Going after you: They cannot as you were not party to the loan.\n\n3. Bank disposing off the property at lower rate - If bank have advertise the auction properly and have sold that house in the auction then I am afraid you may not be able to do anything. However if you can prove that bank has not taken proper care to sell like they would have done for their own property then you can definitely sue the bank.
98978
No money down is not the problem. It is the bad credit. I have financed a lot of people with no money down. Seller credit buyer for re-occuring and non-reoccuring closing cost. Add that amount to your initial offer of the property. I am in the state of CA, therefore you need deposit when you make the offer, and money for inspections, unless you have the seller pay for all inspections. You need to fix the credit so that you can get a good interest rate.
227031
If it is not your banks atm, then you are "borrowing" another banks money, literally.  They count that stuff and put it in there themselves.  So they have to contact your bank and your bank has to wire it to them (of course a pc does this).
105481
The State Governments have the requirement to hold money and sometimes property that is considered "abandoned" by the owner.  This is often things like unaccessed bank accounts, unused gift certificates and unclaimed dividends from stocks and bonds.  \n\nYou can look at each state web site for information about these funds and beware of people who offer to find missing funds for you (for a price).  Most of the time they access the same publicly available web sites you could access.
54184
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you
569358
If it seems to good to be true then where's the catch?  I have owned apartment buildings before, and if you are around long enough you get to know people in the banking business.  At one point I got to know the vice-president in charge of real estate at Hudson City Savings Bank in New Jersey. I had already been a party to one transaction with the bank, a 29-unit half-abandoned building in Jersey City.  One day he offered me a property, and suggested I go take a look at it.  Turns out it was a massive brick apartment building, totally abandoned, sitting on on entire city block just off Bergenline Avenue in Jersey City.  As I recall it had something like 42 apartments.  He offered to sell me the building for just one dollar.\n\nI turned him down.  That is as close to 'no money down'as you can get, heck, this was no money at all, yet even at that price it was a terrible deal.  Sure, you can get these things for no money, I've been there, but you better have access to massive amounts of capital for renovation and upgrades, and I'm talking anywhere from tens of thousands to millions.  If you don't have the means to carry it and improve it, you better think twice before you get into something that can literally slay you.\n\nA lot of the real estate moguls who sold seminars on no money down deals in the late 70s and 80s ended up bankrupt, which ought to tell you something.