Article Score0

What’s the process of buying a home without using loans or any other kind of the bank’s money? Is this even possible? I don’t wanna be in debt and want to pay with what i already have, so thats why im asking…

5 Thoughts on Can I buy a home without having to rely on bank money?
  1. Reply
    sheila l
    June 8, 2013 at 9:57 am

    pay cash

  2. Reply
    J G
    June 8, 2013 at 10:14 am

    Yeah, do you have the 100% downpayment? Most of us do not have a 100% downpayment, even for a small home. (I’m in NYC. So I’m priced out of many apartments even!)

    I agree with your idea that you want to live within your means, but maybe you could afford to pay half and take the other half as a mortgage. (Instead of 20% down, or worse 10%)

  3. Reply
    Landlord
    June 8, 2013 at 11:05 am

    You write a check, very easy process.

  4. Reply
    satarnag01
    June 8, 2013 at 11:44 am

    1. Buying a home subject to the existing liens. You just need to pay the existing loans. You just need to make sure the loan is assumable or run a risk of having the lender call the loan. To bypass this, you can have the owner transfer the property into a trust and then the trust to you.
    2. wrap around mortgage also known as all inclusive trust deed.
    3. private lender
    4. cash
    5. purchase option to buy you time until you are in a position to get a loan.
    6. partner with an investor, such as a doctor who needs a write off but doesn’t want to be a landlord. Maybe you can do an equity share?
    7. depending on your state, buy the tax certificates and evict the people.

    The list is long, this is just a few methods.

  5. Reply
    AllCourt
    June 8, 2013 at 12:31 pm

    Yes, you can buy a home without a bank’s money. You can use private money, but that is still a loan, unless you are partnering with an investor and doing some type of equity sharing.

    You can invest in tax lien certificates and foreclose on a property, or you can buy a property at a tax sale auction. If you have enough cash, you can pay cash for a house too.

    Another way into a property is to buy a private, non-performing mortgage and see if the owner will give you a deed-in-lieu of foreclosure. I did that once and took ownership of the house for less than it was worth…

    Leave a reply

    Register New Account
    Reset Password