A purchase for all cash is, of course, the simplest and quickest method. It is also the most welcome to a seller and, in a normal open market sale, should be worth a concession on price. You may run into an unusual situation that calls for immediate action—a seller facing foreclosure, for example. Sometimes when a divorce or death in a family occurs, owners are ready to accept a bargain price in return for quick cash. If you can take advantage of such an opportunity, resist the temptation to act without professional or legal advice. You may need to sign an immediate purchase offer promising prompt settlement, but your own broker or lawyer should ensure that the offer protects you properly. Without the protection of a mortgage lender’s investigation, you need assurance that you are receiving clear, trouble-free title, that taxes are paid to date, that the seller has the right to transfer the property to you, and that you aren’t taking over old financial claims along with the real estate. In such emergency situations, the buyer often must accept the physical condition of the property “as is.” You may want to bring in a building inspection engineer before your purchase contract becomes firm so that you know what you are getting into. |
