Welcome to InsuranceForums.info!   

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


Buying A Home At Age 18?

Home & Contents Insurance Discussion

Buying A Home At Age 18?

Postby Minninnewah » Tue Sep 05, 2017 8:01 pm

Hi I'm 18 and I am working in Mexico selling clothing and helping an old lady I get payed good amount ...but I have 900,000$dll that some my great gramma and my grandparent left me some of that is my savings since I was a child ....the problem is I don't know if I can buy a home because I don't have profe I'm working and the money is not in a bank account ...is there a way I can buy a home that is 700,000$?????
Minninnewah
 
Posts: 52
Joined: Fri Mar 28, 2014 12:54 am

Buying A Home At Age 18?

Postby Loren » Sun Sep 10, 2017 10:11 pm

You're not require to use a loan to buy a home - you can buy for all cash. Actually, this is a negotiating point that you can use to your advantage - to a seller, a buyer with all cash means he doesn't have to worry whether or not the buyer will qualify for a loan, and escrow can close quickly.

It looks like you can buy a house for $700,000 and still have $200,000 left over.
Since housing is typically the biggest expense for most people, you're going to be able to get by with much less income. Your only housing expenses are going to be property taxes, insurance, and utillities.

Note, however, that it's very unusual for someone to bring $700,000 in cash into a transaction, so this may trigger an investigation by the IRS. The government is also concerned about people bringing drug money into the country and laundering it through different types of transactions, including real estate purchases.
But as long as you can provide legitimate answers to a potential investigation, you shouldn't have any problems.
I know, for example, that it's very common in Mexico for people to not keep their savings in the bank. Hope that helps.
Loren
 
Posts: 55
Joined: Thu Jan 02, 2014 6:50 pm

Buying A Home At Age 18?

Postby Akir » Tue Sep 12, 2017 8:47 am

of course! Find a real estate agent to work with and he/she will walk you through the process and tell you what to do. If you have that much cash, you don't need to get a loan so nobody cares about your credit or proof of income.
Akir
 
Posts: 45
Joined: Sat Jan 18, 2014 5:40 pm

Buying A Home At Age 18?

Postby rosselyn » Fri Sep 15, 2017 4:28 am

IF you have the cash you can buy it.
rosselyn
 
Posts: 87
Joined: Mon Jun 17, 2013 5:48 pm

Buying A Home At Age 18?

Postby Flannery » Wed Oct 11, 2017 2:13 am

I dont think you have established credit. so, you wouldnt qualify for a loan. but it sounds like you dont need one.


you can:

1.buy a home directly from the owner (cash).


2. go to a bank and tell them you will do a lump sum payment. This may involve IRS.
Flannery
 
Posts: 52
Joined: Tue Mar 04, 2014 12:20 pm


Return to Home Insurance

 


  • Related topics
    Replies
    Views
    Last post
cron