What do we need to buy a home with cash

[Gitte]

We are considering buying a home in a nice park. The manager is selling it for the owner who lives out of state. She said all we have to do is give her the check,she sends it to the owners bank and we wait for the title. That sounds not right to us? Dont we have to sign paperwork, like at least as buying a car. We are confused and there are so many nice people here, please help.
Thank you so much

[rmurray]

You should have a detailed purchase agreement detailing the terms of purchase...It should include the make, model and serial number of the home..financial details..who pays who when..Be sure you detail all inventory of the home (appliances, a/c, carport,screen room, storage shed anything you expect to get) .Date of ownership transfer...date you can move in..include verb-age about who is responsible for the rent and when...Last but not least..who pays broker fee of the park person..and how much..

You make it sound like they are selling for the payoff only.....If it were me I would want a copy of the payoff letter from the lender and a copy of the title....This way you will know that Powers of Attorney's (used for title transfer) are signed correctly...If it was me I would make my check directly to the bank with a copy to the seller and mail it with my return address ( the bank will send title to that address)...If you give it to them and they do not send it directly..You could lose your deposit and home...The sellers agent should have access to all these forms...

THEN ENJOY YOUR NEW HOME...

[99lincoln]

I am a first buyer In So. Cal any special rates etc.

[rmurray]

Not many real programs..but HUD does have special programs for firefighters, policemen, EMT's and teachers find info here

http://www.hud.gov/homes/homesforsale.cfm

The FHA allows down payment assistance and seller can pay closing costs allowing the buyer to get in with little or no cash...They have a web site with answers to questions here.

http://170.97.167.13/offices/hsg/sfh/fharesourcectr.cfm

You can spend a lot of time on the HUD/FHA web site for a complete listing of web pages go here..

http://170.97.167.13/assist/siteindex.cfm

They even have a CA specific site with service available there..

http://170.97.167.13/local/index.cfm?st ... eownership

CA specific home buying assistance can be found here....

http://170.97.67.13/local/ca/homeowners ... gprgms.cfm


Now roll up your sleeves and go to work...

good luck..