So I was sitting at a listing presentation with an older couple. I was the second Realtor that they had met with, and the first agent had given them a lot of advice. My clients are moving from Ca to Texas, they will have about 300k from selling there home, and plan on buy a home for about 150k. My clients live on social security and pension, and have no other source of income. The other agent told my clients to put as little as possible down on the next house, and the rest in the bank.
So my clients ask if I think they should by this house free and clear or not. I asked if they needed a tax break, the said no. I asked if they wanted to a mortgage they said no, then I asked what would the do with the money if they did not buy a house with it; they told me they would put it in the safety deposit box. So I told them to buy the house, with all cash.
I sit here wondering why the other agent would tell them otherwise….What do you think was the right answer.
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