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I want to just cut a check for this house, but I realize that Im not buying a car here. There’s much more involved, including lots of paperwork Im assuming. So, I already know the payoff amount, and I have the funds….What now?? Im willing to give my email address if you could give me the steps I need to take. Thank you 🙂

9 Thoughts on How do I buy a house outright w/o using a mortgage company?
  1. Reply
    August 29, 2011 at 2:41 am

    You can use an escrow company. It works different in different states.

  2. Reply
    Amanda H
    August 29, 2011 at 2:56 am

    1) Make an offer.
    2) When the offer is signed, it becomes the purchase and sale agreement.
    3) Give this purcahse & sale agreement to a title/escrow company. They do all the footwork with deeds and all the stuff that has to be signed.
    4) a few days before closing, they’ll call you up and tell you exactly how much funds they need. They can set up an electronic wire, or you can get a cashier’s check. The amount will be the sales price, plus any applicable closing fees.
    5) You go in and sign all the paperwork, usually atleast 24 hours in advance of closing.
    6) On closing day, the funds are transfered to the seller, the deed is recorded with the county, and you pick up your keys. 🙂

  3. Reply
    August 29, 2011 at 3:03 am

    Hire a real estate attorney. You have to have a title search done to verify who owns the property, and to determine if there are any outstanding liens on the property. He can also draw up a contract of sale, get a survey done, typed up and file the new deed, schedule and hold the closing. You will have to have a certified check for the amount of the purchase, pay filing fees, and pay the attorney.

  4. Reply
    August 29, 2011 at 4:01 am

    You can hire either a realtor or real estate attorney. Either should walk you through the process and the seller would probably be delighted to take the cash sell and go for a faster close. This is only a guess from the info I have read here and at other sites.

  5. Reply
    August 29, 2011 at 4:56 am

    I am wondering how much this house is. You can give the seller cash but that is not a good idea. You have to prove to the county you live in (or city) that you own the property afterwards and have insurance on the house etc. and that would be best done by going thru the realtor company that the seller is using to sell the house (such as Remax or one of those companies). These are totally different from mortgage companies which loan you the money to buy the house (and they do that by going thru banks and charging you a much higher rate of interest then they’re paying).
    My advice is to check with the realtor office that the seller is using and tell them what you want to do. If you have the cash then hopefully they will help

  6. Reply
    Ron B
    August 29, 2011 at 5:34 am

    If the property is listed for sale, get a realtor to submit an all cash offer for you. You do not have to pay them, and they handle the paperwork. If it is not listed, you can make an offer to the owner, and just have a real estate attorny draw up the documents.

  7. Reply
    August 29, 2011 at 6:21 am

    Just pay cash but make sure you do it through a title company so that you have a clear chain of title. There is lots of “paperwork” involved for the realtors, title, and escrow if you are an escrow state. You would only eliminate the paperwork from a lender or mortgage broker.

  8. Reply
    John K
    August 29, 2011 at 6:59 am

    If you can cut a check for the house to buy it outright, then all you’ll really need is an escrow and title company. The escrow company will draw up the purchase contract and act as a third-party handler of funds while the transaction is completed. The title company will research title to confirm all that’s associated with the property in terms of location, easements, liens and the registered legal owner. They’ll also handle the transfer of title into your name once all funds have changed hands through escrow. You don’t need a real estate agent to effect a purchase like this, although it’s a wise idea to have one so that any problems that come up can be resolved quickly.

    Bottom line: the only paperwork you’ll need to fill out is the purchase contract, the escrow papers and title papers, mainly for identification and recording of title. With no mortgage to apply for, your paperworks been reduced by more than half.

  9. Reply
    August 29, 2011 at 7:23 am

    Just go to a title company dude, they handle all of the transaction for you…

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