Saturday, April 16, 2011

No Credit....But I Am Paying Cash!

No credit...But I am paying cash!

Frank and Karen Baker  wrote a post that got me thinking about a special buyer from years ago. He had no credit history and no other agent would work with him. He called on one of my listings after seeing my yard sign. I had my husband drive me to the appointment. 

This man liked the house and when I started with the questions....found out he had been with the same company...had a steady job for over for 20 years, was in a long time marriage and now had a young child.  What was so unusual?

He paid everything with cash..did not believe in owing anyone.

No credit, he used cash!  

                            Cash..HomeRome 410-530-2400

He paid his electric bill with cash, he bought his groceries with cash and..he rode the bus. When  asked where his money was, he answered in the bank. I asked permission to speak with his banker and he was pleased.

I drove him to his local branch, met the manager and was assured he had funds to complete a real estate transaction paying CASH.

Why, in over twenty years, had he been renting? Why did he not own?

He told me that no one ever asked if he had money... that whenever he called an agent to see a house, they would not talk with him because he did not have credit and could not show a driver's license.

But they never asked how he would pay for the house. They wanted him to go talk to a lender. They wanted to pull his credit. They wanted him to be like everyone else.

Here was a family without a car, without a driver's license, without a credit card, and he never owned a house.

Could they have worked hard, lived within their means?  Is it possible they  never asked anyone for anything?  Who would think these people could also be in the wonderful position of owning a home free and clear?

Don't forget to ask:  Where IS the Money Coming From?

This past summer we stopped by to visit this family. What a joy! They invited us in and picked a bounty from their own garden to share with us. This was one of my favorite times in real estate!

It was a great deal.

No credit....but I am paying cash!

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