Anonymous wrote:Under what circumstances does it make sense to buy a house with cash (no mortgage)? How would you decide, assuming you have the cash to afford the house?

I bought a place for cash from a person who owned place with clean title. My lawyer and his lawyer passed title for one dollar. I handed him check for house minus a second check to pay his realtor. We basically had almost zero closing costs. My lawyer did title insurance.

My lawyer also only charged $1,500 for closing as easy. The realtor fee was only 3 percent as it was just seller's realtor. Closing took like 5 minutes.

I had clean title from day one. I did have a home inspection and two small issues. Seller fixed one and said for second item a broken dishwasher that was my problem. Fine. It was old anyhow. I just got a new one.

Anonymous wrote:We made an all-cash offer on our house because we needed to act very quickly to get the house and we weren't pre-approved and we knew it was going to be very competitive to get the house. Our offer was accepted and we ended up getting the mortgage before closing and it was fine. We could have and would have paid all cash if we had had to do so, but it would have cleared us out of cash.

Yup, we paid all cash in a competitive market knowing the seller was also buying a home and the all cash offer would be attractive. But that was everything we had, basically. We got a mortgage after closing.

We pay cash. We make enough money that we can easily pay cash. It's nice because there is no long term financing to slow down the sale on our end.

Anonymous wrote:Because you are rich and don't need a mortgage. That's the most common answer. People who advocate for getting a mortgage to leverage low interest rates are not rich. They are still trying to become rich.

Just wanted to bump this up as it remains one of the legit funniest comments I’ve seen on DCUN. That is all.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because you are rich and don't need a mortgage. That's the most common answer. People who advocate for getting a mortgage to leverage low interest rates are not rich. They are still trying to become rich.

You are wrong. Wealthy people take out mortgages, while those with less money pay in cash. Gates, Bezos, Musk, Zuckerberg, and Buffet all use mortgages even though they have enough cash to pay outright. I don't know any billionaire who supports paying in cash.
Perhaps using cash is something that middle class people or the poor millionaires next door do to escape debt. But wealthy people never pay with cash.

+1

it's Boomer/Dave Ramsey mindset to pay in cash

Let me guess you also finance cars, Jewelry and furniture.

Lololololololol. Really??

Anonymous wrote:

Anonymous wrote:Under what circumstances does it make sense to buy a house with cash (no mortgage)? How would you decide, assuming you have the cash to afford the house?

Always. Anyone saying otherwise has ulterior motives or is an agent.

Why would a real estate agent be pushing a mortgage over cash?