Buying a home without requiring financing through a mortgage company sounds pretty nice, doesn’t it? No monthly mortgage payments, no worrying about having at least 20% down, avoiding Private Mortgage Insurance altogether are items that most people if had the choice, would defer from as much as possible.
Hate to break it to you, unfortunately, a cash offer on a home doesn’t mean you are free from making monthly payments. Knowing up front what you’re in for and the fees associated with any new home purchase puts you a step ahead (and avoiding possible headaches and frustrations later.) Plus, knowing the costs to be expected helps plan your budget accordingly. Offering less than asking may be lucrative enough to most seller’s because it’s a cash offer and also avoiding an extra hand in the transaction AKA a mortgage lender, but the real reason could be to cover the costs of getting the keys to your new front door.
Realtor.com’s article writes about what’s expected during the home purchase. Take a look: http://bit.ly/2wTMFz5