Real Estate

Should I Buy a home with All Cash and No Mortgage?

Thu Mar 19, 2009 11:29 am
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Comments: 0 Views: 303

The answer to this question is it depends. If you can in fact buy a home all cash without severely impacting your financial well being then by all means do so.

Most sellers in todays real estate market would love to have a buyer with all cash. In fact an all cash transaction allows the buyer to do some hard negotiating on price and or other terms for the sale.

One option would be to make a large down payment, say 50-70%, and then obtain a small mortgage. This would allow the buyer to have some interest deduction come tax time.

In any case the advantage is clearly with a buyer who can walk into a home for sale and say "I have the cash", lets negotiate.

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