Procedure for Buying a property with all cash

[Ravi Rai]

Hi Guys,
Came across a property (SFH, $30,000) and wanted to buy it with all cash. I am planning to have an inspection done on it before agreeing to buy it. I wanted to know what the procedure would be. I am planning to have a title company do a title search on it to ensure there are no liens but is there anything else i need to do? How would we handle the signing of the property over and stuff like that.

[Dawn Anastasi]

Buying a property in cash is much better than financing as it affords you several advantages -- e.g. buying properties banks won't finance.

1. Make offer to purchase (OTP) with inspection contingency.
2. Seller accepts.
3. Earnest money deposit (as applicable in OTP) to seller (or if listed by a realtor their trust account)
4. Get inspection done -- if anything majorly wrong you have the right to back out based on your OTP
5. Schedule closing with title company who arranges the title policy
6. Go to closing and bring a certified check or wire in advance (not a briefcase full of hundreds!) Sign the HUD and any other paperwork required (example: short sales require an affidavit)