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Cold hard cash to close

3,318 Views | 22 Replies | Last: 4 yr ago by Bitter Old Man
flyingaggie12
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6:55p, 11/12/19
AG
Has anybody ever dealt with a buyer that wants to buy a house outright with cold hard cash. As in not write a check or wire the money? Do title companies even allow this? It'd be stupid not to get title right?? This just sounds a little bizarre.
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SteveBott
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6:59p, 11/12/19
AG
Don't walk, run from that deal. I don't know anyone in the business that be ok with that.
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Ribeye-Rare
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In reply to flyingaggie12 • 9:23p, 11/12/19
AG
flyingaggie12 said:
Do title companies even allow this?

If you find one that will, rest assured they will file a currency transaction report, and that will, I suspect, kill the deal for the buyer.

We obviously have no information on the buyer, but anybody who's got that kind of cash for walking around money is probably taking a very 'aggressive' approach to income tax reporting, to say the least.

If you do sell for cash, be sure to bring a big suitcase, and don't get rolled in the parking lot on your way home!
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SteveBott
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9:33p, 11/12/19
AG
That offer has a criminal money laundering stink that you will smell with too.
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JBLHAG03
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12:16a, 11/13/19
AG
Yall dont carry around $200k cask?? Texags is going to ****e. Lol
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HomeFinderCody
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8:41a, 11/13/19
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AG
The question you need to ask is:

Why are they insisting on cash?


I don't think you can come up with an answer that doesn't involve something illegal.
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The Fife
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9:05a, 11/13/19
Sovereign citizen? If the room the closing table has a flag with gold fringe, watch out because you're in for some maritime law!
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flyingaggie12
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9:07a, 11/13/19
AG
For details the amount is around $55-70k but still that's a lot of cash. He said it would be more of a hassle if he'd had to write a check.
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Bitter Old Man
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In reply to flyingaggie12 • 10:20a, 11/13/19
AG
flyingaggie12 said:
Do title companies even allow this?
No. No, they don't.
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KC_Ag14
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In reply to flyingaggie12 • 10:42a, 11/13/19
AG
flyingaggie12 said:
For details the amount is around $55-70k but still that's a lot of cash. He said it would be more of a hassle if he'd had to write a check.
As in, it would be more of a hassle to let anyone else (*cough*, the IRS, *cough*) know he has that amount in cash.
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Martin Q. Blank
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11:25a, 11/13/19
Just get a bunch of money orders.
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Diggity
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1:21p, 11/13/19
AG
My dad had a client give him $10K earnest money in cash for a second home. He also chose the location because of its proximity to The Men's Club.

Colorful character.
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Bitter Old Man
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In reply to Martin Q. Blank • 2:20p, 11/13/19
AG
Martin Q. Blank said:
Just get a bunch of money orders.
Still triggers CTR's
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SteveBott
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In reply to Bitter Old Man • 2:52p, 11/13/19
AG
Yep. Only good option is to deposit less then 10k at a time and do it slowly to not raise a red flag.
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jja79
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In reply to SteveBott • 3:08p, 11/13/19
AG
That is called structuring and punishable by up to 5 years imprisonment.
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Bitter Old Man
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In reply to jja79 • 3:18p, 11/13/19
AG
jja79 said:
That is called structuring and punishable by up to 5 years imprisonment.
This. And $10,000 isn't always the magic number.
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Ducks4brkfast
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In reply to jja79 • 3:21p, 11/13/19
AG
jja79 said:
That is called structuring and punishable by up to 5 years imprisonment.
Another reason why jja79 is the best mortgage guy in the business.

His depth and breadth of knowledge is unsurpassed.
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6:34p, 11/13/19
Deats99
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9:08a, 11/14/19
AG
Sounds like a lot of companies are doing a good job on their annual monetary transaction training.......lol
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
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Furlock Bones
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In reply to jja79 • 11:40a, 11/14/19
AG
jja79 said:
That is called structuring and punishable by up to 5 years imprisonment.
it's BS is what it is. but, the gov has to make sure we all stay under the thumb.
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Joe Exotic
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11:52a, 11/14/19
AG
Still blows my mind that we make it almost legally impossible to live your life purely on cash.
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Bitter Old Man
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1:25p, 11/14/19
AG
Its how they catch Money Launderers.
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jja79
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In reply to Furlock Bones • 2:17p, 11/14/19
AG
They've made banks the money laundering police.
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Bitter Old Man
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In reply to jja79 • 3:48p, 11/14/19
AG
Its the price of having a federally insured banking system.
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