Re:In defense of cryptocurrency
by around_here on Friday June 10, 2022 @08:13AM
(#31692966)
And having a lawyer or notary go over every line of the sale contract to ensure that you understand it. Real property comes with real responsibility, far beyond that of the financial realm.
> the sellers might balk at such a weird transaction
Over there, buying a house without taking out a mortgage does not count as "weird": it's not terribly common, but happens often enough to not be considered weird. After all, if you have 100% of the house price on hands, there is not much reason to take a mortgage with 20% down payment and then immediately closing the rest of 80%, is there?
Re:In defense of cryptocurrency
by saalweachter on Friday June 10, 2022 @08:31AM
(#31693127)
Buying a house without financing isn't weird (even if it is uncommon). Trying to buy a house as quickly as possible with as little due diligence or negotiation as possible, is.
When you buy a house, for $1 million or $50,000, the normal case being described in yours and the parent post is that you are buying a house on margin while using the house itself as collateral for the loan.
If you show up at a house that is for sale and ready to be sold with a million dollars in cash -- well, a million dollars in easily-authenticated cash equivalent -- and ask to buy the house as-is, no conditions or concerns on your part, you can make a deal happen markedly faster. Not microsecond fast, because why, and the sellers might balk at such a weird transaction or shop around to see if they can get another seller at a higher price, but once you take financing and any sort of buyer-protection out of the equation it basically comes down to registering the sale with the local registry.