Comments on: DIY Buying Your First Home

By: RH

RH — Thu, 02 Apr 2015 23:21:28 +0000

There are plenty of cash buyers out there, so don’t feel intimidated by saying you have cash! Yes, most people do have the money in a bank account, so I don’t know how you’re gonna show it, but think of a way because it’s gonna matter.

Where upstate? There are areas close enough to NYC, like Rockland, Orange or Dutchess Counties, that are on public transportation and have lots going on and they are still inexpensive. The problem is that taxes are much higher than NYC.

If you’re looking in Newburgh or Beacon areas, I can hook you up with a broker. Sullivan County is rural and dirt cheap but will probably become more populated as the casinos move in. And Ulster is great! I know of a great broker there too. 🙂

By: LGL

LGL — Tue, 31 Mar 2015 00:26:07 +0000

Thanks so much for the swift response, I was actually planning to put it in a briefcase or duffel bag lol, but I was worried that the Agent would think it was drug money or call the authorities/ IRS because I have over a certain amount in cash. I definitely can back it up. Much of it is totally legal from a job I had as a waitress and other small jobs I had after leaving that job. Every time I got good tips, found money, exchanged bottles and cans, put my pennies in the Coinstar machine etc., I’d place the cash in a storage style bin. Over time it accumulated because I let it sit. I’ve had no Active Bank Account in the 8 years because I was trying to be “off the grid” in a way.

Hmm I do wonder how I will approach this issue with the Agent. Hope she can trust me. I just need to conjure a confident, persuasive and positive attitude. No deceit, and purchasing this building that’s been sitting empty for years will probably benefit the local County’s economy as well no?

If I’m successful I’ll tell you how it goes if your interested.

On another note, I’m so happy I started researching properties in Upstate NY. I’m so fascinated that one can get so much property for much less. Although, Upstate is pretty rural/poor as some would consider that a downside in addition to the fact that their aren’t as many shopping malls and other modern conveniences within several mins driving distance, as everything is so spread out.

Eh I’m just tired of the overpriced Westchester area. The calm, quiet, depopulated towns Upstate is a breath of fresh air . The fact that one can go long stretches of time without seeing another human life is actually comforting to me. Ha!

Thanks so much again it’s greatly appreciated.

By: RH

RH — Mon, 30 Mar 2015 11:36:31 +0000

If you have cash, all you have to do is present proof of funds. That’s usually in the form of a bank statement. If the cash is stuck in your mattress then you better think of a way to show you have every penny you need to complete the sale. Once you do that, nobody cares about your employment history.

Agents/owners may or may not show you properties without proof but once you decide to make an offer, nobody in their right mind should accept it without knowing you can back it up.

A cash sale takes less time. Could be as little as a month but there’s still inspection report, lawyers and title search.

$1 probably means they don’t know what the taxes are and have to put a number in. If you’re local to NYC, city taxes are nothing compared to the suburbs around here. Keep in mind that you have to pay taxes every year but the home purchase is a once off. Do the math.

Good luck!

By: LGL

LGL — Mon, 30 Mar 2015 02:47:30 +0000

Thanks for the information. Admittedly feel a little slow as this information is a bit overwhelming…

I’m a first time prospective buyer and I have the necessary cash to buy property. The kicker is that I actually haven’t had an actual job in roughly 8 years. Most of the payment from my work has been off the books craigslist/backpage types of jobs, recycle exchange, selling ebooks and the occasional ebay sale. Is cash really king in this case? Or will the listing agent desiring to make a sale strongly prefer a buyer that has a bank account, employment history etc even if said property has been on the market for years with no sale?

Why does it take 2-3 mos for a deal to close? Are you telling me I don’t get the keys to my new place on the spot after paying in cash? ^_^ lol

Also what does it mean when a property notes it’s listing details taxes of exactly $1?

Thank You Have a Wonderful evening