Cash Downpayment On Houses? - GoFuckYourself.com

Agnosticism · 07-02-2005, 04:35 PM

Lets say the downpayment is $9,000 and all you have is $9k cash, will this set off red flags? From my understanding it sounds that they are anal retentive about where the money comes from when dealing with houses. Sounds like they might want a check/cashier check and not cash, but I could be wrong. Damnit, you can pay $9k on a car with no problem but it seems like houses are a different story. Anyone have previous experiences with this?

Theodor S. Geisel · 07-02-2005, 04:37 PM

I remember that some bankrobber got tagged because he paid for a house with cash. I'd get a check just to be on the safe side. At least you'll have a method to trace.

crockett · 07-02-2005, 04:38 PM

say it was a gift.. why not write a check or get a cashiers check?
I don't think the mortgage company would be to hot on taking $9k cash.

Theodor S. Geisel · 07-02-2005, 04:40 PM

Quote:

Originally Posted by crockett

say it was a gift.. why not write a check or get a cashiers check?
I don't think the mortgage company would be to hot on taking $9k cash.

That's the only smart thing to do. People ask a lot less questions when you buy a house with a cashier's check. That tends to mean you have a relationship with a bank.

WarChild · 07-02-2005, 04:42 PM

Well I don't know about your bank, but my Bank in Canada wants to see the down payment money in your account for a minimum of 30 days.

woj · 07-02-2005, 04:46 PM

Any cash transaction over certain amount ($5k I think) sets off red flags. Even if you buy a car the fact that you paid for the car with cash gets reported to the governement, at least that's how it's done in the US.

Theodor S. Geisel · 07-02-2005, 04:59 PM

Quote:

Originally Posted by woj

Any cash transaction over certain amount ($5k I think) sets off red flags. Even if you buy a car the fact that you paid for the car with cash gets reported to the governement, at least that's how it's done in the US.

The other day I was thinking, what if woj actually posted "50", "100", or "150" over 8000 times. Now, that would be funny.

KRL · 07-02-2005, 05:04 PM

Not a good idea to buy anything with that much cash. Draws way too much attention to you.

ProjectNaked · 07-02-2005, 06:24 PM

When I was at the bank yesterday, a guy was depositing a $139,000.00 check - he wanted to put 130,000 in and get 9K back in cash. The tell was asking all kinds of stupid questions. Was that you?

pornguy · 07-02-2005, 06:39 PM

Most places WONT take cash. They want a bank check.

baddog · 07-02-2005, 06:47 PM

$9,000 cash is a PITA, and puts them at risk just getting it to the bank.

Agnosticism · 07-02-2005, 10:33 PM

Quote:

Originally Posted by Theodor S. Geisel

I remember that some bankrobber got tagged because he paid for a house with cash. I'd get a check just to be on the safe side. At least you'll have a method to trace.

This was probably due to the fact that the guy paid with mark bills, tried to put more then 10k+ down, had prior felony convictions. Bank robbers rarely don't have prior convictions before they commit the act.

Quote:

Originally Posted by Theodor S. Geisel

That's the only smart thing to do. People ask a lot less questions when you buy a house with a cashier's check. That tends to mean you have a relationship with a bank.

No it doesn't it usually means you have that amount in your bank account.

Quote:

Originally Posted by woj

Any cash transaction over certain amount ($5k I think) sets off red flags. Even if you buy a car the fact that you paid for the car with cash gets reported to the governement, at least that's how it's done in the US.

Thanks to the patriot I heard it was as low as a 2k cash deposit. I know when I make big cash deposits for some reason the bank tellers go in the back or to do a bigger dollar exchange :X

Also the whole car thing I find BS. I spent 7k cash on a car with 3k in hundreds wrapped in a rubber bands and 4k in 20's wrapped in a rubber band. The following month my friend bought a car with 8k cash. Been a while now and no probs. I know a guy that was car salesman for 15 years and he would say drug dealers would spend 18k cash on cars and no problem. They just wanted to get the money and the car out of there.

Quote:

Originally Posted by ProjectNaked

When I was at the bank yesterday, a guy was depositing a $139,000.00 check - he wanted to put 130,000 in and get 9K back in cash. The tell was asking all kinds of stupid questions. Was that you?

Yes, at first I wanted 9k in silver dollars and gave me a hard time. So we finally agreed on 4500 $2 bills.

Quote:

Originally Posted by baddog

$9,000 cash is a PITA, and puts them at risk just getting it to the bank.

http://www.urbandictionary.com/define.php?term=PITA Damn I learn something new every day.

Agnosticism · 07-02-2005, 10:40 PM

As for all the other comments, it is pretty much everything that I have knowledge of. It is better paying with traceable money when putting a down payment or buying a house. I just assumed when people mention "CASH" about buying or putting a down payment on a home they meant literally. Guess cash isn't king when it comes to mortgage business (buying that is) Thanks for all your comments, I was expecting a bunch of useless posts. More knowledge appreciated

Juicy's Little Brother · 07-02-2005, 10:41 PM

I bought my house for $4 Million in Cash. NO Problemo!

Sosa · 07-02-2005, 10:47 PM

Quote:

Originally Posted by Juicy's Little Brother

I bought my house for $4 Million in Cash. NO Problemo!

move along kid

datatank · 07-02-2005, 10:51 PM

Quote:

Originally Posted by Agnosticism

As for all the other comments, it is pretty much everything that I have knowledge of. It is better paying with traceable money when putting a down payment or buying a house. I just assumed when people mention "CASH" about buying or putting a down payment on a home they meant literally. Guess cash isn't king when it comes to mortgage business (buying that is) Thanks for all your comments, I was expecting a bunch of useless posts. More knowledge appreciated

I think most people mean they wrote a check

Its a figure of speach. If you went thru some one like wells fargo I am sure they would have no problem if you gave them 9k cash. It will however be on record "flagged" any cash transaction over 10k (In cali anyways from what I believe)
They will also most likely depending on the terms of you loan and the loan to value ratio want to see some sort or bank accounts and financial records

Good luck on the purchase..

Rob · 07-02-2005, 10:51 PM

Quote:

Originally Posted by Juicy's Little Brother

I bought my house for $4 Million in Cash. NO Problemo!

You're an idiot!

baddog · 07-02-2005, 11:02 PM

$10k is a magic number when making withdrawls from banks, they must report it to the IRS. Been that way for as long as I can remember.

What is a PITA is trying to open a new bank account when you have that kind of cash. I could not believe how many banks would not accept my money.

datatank · 07-02-2005, 11:04 PM

Quote:

Originally Posted by baddog

$10k is a magic number when making withdrawls from banks, they must report it to the IRS. Been that way for as long as I can remember.

What is a PITA is trying to open a new bank account when you have that kind of cash. I could not believe how many banks would not accept my money.

What is a PITA?
Excuse my ignorance

baddog · 07-02-2005, 11:20 PM

Quote:

Originally Posted by datatank

What is a PITA?
Excuse my ignorance

baddog · 07-02-2005, 11:21 PM

Pain In The Ass

datatank · 07-02-2005, 11:23 PM

Quote:

Originally Posted by baddog

Pain In The Ass

LOL
I was sitting here thinking things like
Property Income Tax Assesment

07-02-2005, 04:35 PM	#1
Agnosticism Confirmed User Join Date: Dec 2004 Posts: 100	Cash Downpayment On Houses? Lets say the downpayment is $9,000 and all you have is $9k cash, will this set off red flags? From my understanding it sounds that they are anal retentive about where the money comes from when dealing with houses. Sounds like they might want a check/cashier check and not cash, but I could be wrong. Damnit, you can pay $9k on a car with no problem but it seems like houses are a different story. Anyone have previous experiences with this?

07-02-2005, 04:37 PM	#2
Theodor S. Geisel Confirmed User Join Date: Jul 2003 Location: United States Posts: 349	I remember that some bankrobber got tagged because he paid for a house with cash. I'd get a check just to be on the safe side. At least you'll have a method to trace. __________________ Theodor S. Geisel [ ICQ: 2 0 6 6 1 0 7 ] [ theodor.geisel -at- gmail -d0t- com ] [ PROGRAMMER :: PHP :: MYSQL :: HTML/CSS ]

07-02-2005, 04:38 PM	#3
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	say it was a gift.. why not write a check or get a cashiers check? I don't think the mortgage company would be to hot on taking $9k cash. __________________ In November, you can vote for America's next president or its first dictator.

07-02-2005, 04:42 PM	#5
WarChild Let slip the dogs of war. Industry Role: Join Date: Jan 2003 Location: Bermuda Posts: 17,263	Well I don't know about your bank, but my Bank in Canada wants to see the down payment money in your account for a minimum of 30 days. __________________ .

07-02-2005, 04:46 PM	#6
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	Any cash transaction over certain amount ($5k I think) sets off red flags. Even if you buy a car the fact that you paid for the car with cash gets reported to the governement, at least that's how it's done in the US. __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

07-02-2005, 05:04 PM	#8
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Not a good idea to buy anything with that much cash. Draws way too much attention to you. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

07-02-2005, 06:24 PM	#9
ProjectNaked Confirmed User Join Date: Jul 2004 Location: Detroit Areola Posts: 4,309	When I was at the bank yesterday, a guy was depositing a $139,000.00 check - he wanted to put 130,000 in and get 9K back in cash. The tell was asking all kinds of stupid questions. Was that you?

07-02-2005, 06:39 PM	#10
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	Most places WONT take cash. They want a bank check. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

07-02-2005, 06:47 PM	#11
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	$9,000 cash is a PITA, and puts them at risk just getting it to the bank.

07-02-2005, 10:40 PM	#13
Agnosticism Confirmed User Join Date: Dec 2004 Posts: 100	As for all the other comments, it is pretty much everything that I have knowledge of. It is better paying with traceable money when putting a down payment or buying a house. I just assumed when people mention "CASH" about buying or putting a down payment on a home they meant literally. Guess cash isn't king when it comes to mortgage business (buying that is) Thanks for all your comments, I was expecting a bunch of useless posts. More knowledge appreciated

07-02-2005, 10:41 PM	#14
Juicy's Little Brother Registered User Join Date: Jul 2005 Posts: 21	I bought my house for $4 Million in Cash. NO Problemo!

07-02-2005, 11:02 PM	#18
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	$10k is a magic number when making withdrawls from banks, they must report it to the IRS. Been that way for as long as I can remember. What is a PITA is trying to open a new bank account when you have that kind of cash. I could not believe how many banks would not accept my money.

07-02-2005, 11:21 PM	#21
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	Pain In The Ass