Shaq Needed a Credit Check to Buy a Home for His Mother

[Burgerwars]

I don't get the point of this article. It's policy for any transaction like this, no matter how many zillions you have, and how entitled you feel. Welcome to the real world. 

 

Link:  https://moneywise.com/managing-money/budgeting/shaq-asked-for-credit-check

[Flyingifr]

He could have just told the Real Estate Agent "Cash sale" which would have eliminated the need for a credit check. I did that on two houses and no credit check was ever asked for again by anyone.

Edited July 27, 2024 by Flyingifr

[cashnocredit]

On 7/27/2024 at 5:16 AM, Flyingifr said:

He could have just told the Real Estate Agent "Cash sale" which would have eliminated the need for a credit check. I did that on two houses and no credit check was ever asked for again by anyone.

Odd. The piece suggests he was also a cash buyer. I also bought a house after I retired and didn't need to live near work with neighbors 20' on each side of me. Woke up one day, wandered into a real-estate place, and asked to see some houses. Wound up liking a place that was rural enough* and spacious enough. Made an offer and closed in a week.

 

I was never asked for a credit check and I had no idea what one was at the time. If one had been pulled it would have borne a strong resemblance to that of a homeless person. I'd stopped using CCs 10 years earlier in favor of a debit card.

 

* What I didn't know at the time was my new home was in a part of the county where mail wasn't delivered. You had to get a POB which at least was free to make up for the USPS not delivering mail.

[greendeh]

On 7/27/2024 at 7:39 AM, Burgerwars said:

I don't get the point of this article. It's policy for any transaction like this, no matter how many zillions you have, and how entitled you feel. Welcome to the real world. 

 

Link:  https://moneywise.com/managing-money/budgeting/shaq-asked-for-credit-check

 

Just a woke article calling out the race card about an entitled rich man calling out the race card.

 

[cashnocredit]

On 7/27/2024 at 4:39 AM, Burgerwars said:

I don't get the point of this article. It's policy for any transaction like this, no matter how many zillions you have, and how entitled you feel. Welcome to the real world. 

 

Link:  https://moneywise.com/managing-money/budgeting/shaq-asked-for-credit-check

Huh? Why would it be a policy. You make an offer that includes a large cash down with terms of cash to close. You don't come up with the cash, the seller keeps it. Now if you make an offer contingent on financing, expect a credit pull since you get the down back if financing isn't approved.

[Burgerwars]

I've bought cars at dealerships. Even if I brought a sack full of Benjamin's to buy a car, they'll still want to run a credit check. It's not worth arguing about.

 

[cashnocredit]

6 minutes ago, Burgerwars said:

I've bought cars at dealerships. Even if I brought a sack full of Benjamin's to buy a car, they'll still want to run a credit check. It's not worth arguing about.

 

Yeah. Car dealers are known for that because they get a cut from the financing. It's actually a good negotiating practice to go along even if you intend to pay cash because they think they will make more money on the back end. Once you have the price locked in you then spring a check on them.

[Flyingifr]

13 hours ago, Burgerwars said:

I've bought cars at dealerships. Even if I brought a sack full of Benjamin's to buy a car, they'll still want to run a credit check. It's not worth arguing about.

 

I disagree with you, and so does the Federal Fair Credit Reporting Act. A merchant (whether selling houses or pencils) does not have the right, by custom or law, to run a person's credit unless and until the purchaser indicates that a loan is needed to complete the transaction.

[hegemony]

several real estate transactions since about 2015 and have not needed a credit check with cash (well check or wire) purchases. Last time was 2021 buying a Ford pick-em-up truck but more recently no credit checks were required for three more recent cash auto purchases with personal checks. ymmv

Edited August 8, 2024 by hegemony