Buying a fixer with cash
What should I do to protect myself when buying real estate with cash? Title check, inspection, the property would be a fix and flip.
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@John Plonty The process is basically the same as when you buy with a loan, except some things become optional.
For example, you no longer are required to to get an appraisal, flood insurance (if in a flood zone), or even basic home insurance. Now, all of these things are generally good ideas, and you might choose to still get them. There’s just no lender to require it.
You should also still close though a title company to make sure any existing liens are taken care of so you end up with clear title, get an owner’s title policy (obviously you won’t have to buy a lender’s title policy though), get any necessary inspections (e.g. home, roof, pest), etc.
If you have an agent, they can help guide you through most of this. But if you don’t have an agent, and there’s also no lender to require these things of you, it’ll be on you to know what you need and request/obtain them.