Questions & Answers
Get the answers on home selling and buying.
All Cash - Q & A
Q: What about an all-cash
offer?
A: Although most home buyers could never buy a property with all
cash, anyone considering such a move (or who has bought a lottery
ticket lately) may be wondering how to approach such a deal.
Because buyers sidestep the tedious and time-consuming loan qualification
process, the deal can close very quickly. In addition to fewer hassles
and a better position in price negotiations, the all-cash buyer's
primary advantage is completely avoiding mortgage interest, which
can total hundreds of thousands of dollars over the life of the
loan. Buyers also save money that would be spent on loan origination
fees, required appraisal, some closing costs and various other charges
imposed by the lender.
At the same time, all-cash buyers should consider potential pitfalls
of the transaction. Buyers who want to use the home as their primary
residence lose out on many of the tax advantages available to homeowners
with conventional loans, since the IRS allows home owners to deduct
all mortgage interest on loans up to $1 million.
If you can afford to pay cash but are concerned
about price appreciation, you may be better off obtaining some
financing. Also, look at other which investments are paying off
and determine if spending cash on a home is worthwhile
Copyright 1999 Inman News Features
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Frequently
Asked Questions |
| Our comprehensive list
of frequently asked questions might be just the thing you need to
help you with you loan descisions. Be sure to take a few minutes
and browse through them. If there aree any questions you can not
find the answer to then either send us an email or give us a call
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Financing |
| Flamingo Trust Mortgage Corp. offers a number
of different loans for condo-tel financing. Flamingo Trust Mortgage
Corp. is able to obtain up to 80% loan to value for purchasing or
refinancing condo-tels. |
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