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?

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.

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.

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.

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.

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

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?

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

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

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.

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

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.

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

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

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

move along kid

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..

You're an idiot!

$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

http://www.raisins.org/images/pita.jpg

Pain In The Ass

LOL
I was sitting here thinking things like
Property Income Tax Assesment
:1orglaugh