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Is it possible to purchase a home with cash?

 
AbsolveUsAll

User ID: 16327635
United States
12/28/2012 05:15 PM

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Is it possible to purchase a home with cash?
I'm 34 and have cash money to do this and would rather not jump through umpteenth holes for the IRS by doing a wire transfer or using cashier's checks. Can I close with cash?
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Revguard

User ID: 29097718
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12/28/2012 05:16 PM
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Re: Is it possible to purchase a home with cash?
I'm 34 and have cash money to do this and would rather not jump through umpteenth holes for the IRS by doing a wire transfer or using cashier's checks. Can I close with cash?
 Quoting: AbsolveUsAll


If you buy directly from the seller(no bank involvement). There would have to be some lawyer work, and some transfer of title, but it could be done.

The seller would have to own the home outright (not financed). At least IMHO.

Last Edited by Revguard on 12/28/2012 05:16 PM
Anonymous Coward
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12/28/2012 05:17 PM
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Re: Is it possible to purchase a home with cash?
from a private seller.

not from a bank though, i may be mistaken..88% sure.
Anonymous Coward
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12/28/2012 05:17 PM
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Re: Is it possible to purchase a home with cash?
nwo_watcher_911

User ID: 4520570
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12/28/2012 05:20 PM
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Re: Is it possible to purchase a home with cash?
Set up an LLC on legalzoom, or set up a trust.

Fund the trust or LLC and then purchase the home using said vehicle.
nwo_watcher_911
AbsolveUsAll (OP)

User ID: 16327635
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12/28/2012 05:25 PM

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Re: Is it possible to purchase a home with cash?
Nice, thanks peoples!
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Chrit

User ID: 27088294
United States
12/28/2012 05:26 PM

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Re: Is it possible to purchase a home with cash?
Yep, nothing special about it happens every day.


But here is the thing you can make more money by properly investing your money then you will by locking your money up in a home. Prime rate is 3.25% and if you properly invest your money you can make 10% to 15% a year return from it.
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Larisa

User ID: 18516406
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12/28/2012 05:27 PM
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Re: Is it possible to purchase a home with cash?
Set up an LLC on legalzoom, or set up a trust.

Fund the trust or LLC and then purchase the home using said vehicle.
 Quoting: nwo_watcher_911


That doesn't make sense if OP is trying to avoid direct IRS insight into his/hers affairs.
Wouldn't setting up a legal entity - either an LLC or even revocable trust require obtaining FEIN, setting up a bank account to deposit funds in order to capitalize such entity?
TheCartel

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12/28/2012 05:28 PM
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Re: Is it possible to purchase a home with cash?
Careful bro, the IRS will be all in your shit.

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