How do people buy homes with cash?

07-19-2024, 09:17 PM

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#1

mrdot
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How do people buy homes with cash?

I just saw a miscer make a thread about how he bought a home with cash etc but my question is how?

I thought for large payments (house, luxury car etc) that cash is not allowed

Because let's say a drug dealer had 200k cash and went to buy a house he would probably be declined since they would want to know where the money came from

07-19-2024, 09:24 PM

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#2

benedetto27

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It wouldn't be allowed if the laws against money laundering were being actively enforced.

But if you're living in the money laundering capital of the world (Canada), you'll tend to see a lot of stay at home mothers and students buying new 100k+ cars and multi-million dollar homes with no questions asked by realtors/banks/car dealerships etc.

But if you (normal, wage-slaving, tax-paying pleb) go down to your local RBC or whatever, they'll make sure to ask you every question under the sun about that 2k deposit you're making.

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07-19-2024, 09:24 PM

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#3

johnnydeep1
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Who said that you are not allowed to buy large items with cash? I never heard that before.

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07-19-2024, 09:30 PM

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#4

DuracellBunny
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It doesn't mean with physical cash; it just means without having a mortgage. The money is electronically transferred from you to the conveyancer and then the conveyancer to the seller, instead of from the mortgage lender to the conveyancer and then the conveyancer to the seller.

The conveyancer will carry out all normal money laundering checks.

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07-19-2024, 09:31 PM

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#5

PrimarisIn

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Check okayed by lawyer

07-19-2024, 09:36 PM

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#6

r32gojirra
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I’ve paid sums well into the six figures to my builder in cash

We’ve been working together for years tho so it’s not an issue

07-19-2024, 09:45 PM

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#7

eddiehaskell

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my first home was a $42k rental and I paid cash in my early 20s. second home was for me and paid $50k cash while i rented the first. still have both in my portfolio. some people doing it now may have inheritance -- boomers are leaving a lot of money to their children...or perhaps giving money to their children.

07-19-2024, 09:46 PM

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#8

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You transfer cash to escrow agent and they confirm they have it

You finish paperwork etc

They give the cash to previous homeowner

No one’s trying to do a back alley deal with a suitcase then signing over deed etc..

Stuff needs to get recorded with state etc..

07-19-2024, 09:49 PM

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#9

BigDeeps01
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You can’t just walk in with a bag of money

Needs it I be wired to the escrow company or a cashiers check brought in

They handle all the money and the deed transfer

07-19-2024, 10:01 PM

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#10

SaviorSelfJT
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OP is talking about a duffel bag of paper cash, Walter White style

Usually when people talk "cash" they mean not having to finance the purchase

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07-19-2024, 10:03 PM

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#11

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I recently had a client who bought a $2.5M home in cash. They just sent a wire from their bank account.

07-19-2024, 10:04 PM

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#12

6gorillion
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Inheritance

07-19-2024, 10:08 PM

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#13

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07-19-2024, 10:13 PM

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#14

Destor
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By handing it over in a sack with a big dollar sign on it, how the fuk else?

This is the largest amount of physical “cash” I’ve ever handled in one go, took about 10 mins to withdraw

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07-19-2024, 10:16 PM

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#15

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Originally Posted By DuracellBunny⏩

It doesn't mean with physical cash; it just means without having a mortgage. The money is electronically transferred from you to the conveyancer and then the conveyancer to the seller, instead of from the mortgage lender to the conveyancer and then the conveyancer to the seller.

The conveyancer will carry out all normal money laundering checks.

this

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07-19-2024, 11:18 PM

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#16

mrdot
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Originally Posted By SaviorSelfJT⏩

OP is talking about a duffel bag of paper cash, Walter White style

Usually when people talk "cash" they mean not having to finance the purchase

I see, I thought they were bringing hundreds of thousands of dollars in cash to the house and buying it

07-19-2024, 11:23 PM

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#17

JackyChin
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Originally Posted By DuracellBunny⏩

It doesn't mean with physical cash; it just means without having a mortgage. The money is electronically transferred from you to the conveyancer and then the conveyancer to the seller, instead of from the mortgage lender to the conveyancer and then the conveyancer to the seller.

The conveyancer will carry out all normal money laundering checks.

This, you can pay through wire or 3rd party escrow.

Originally Posted By mrdot⏩

I see, I thought they were bringing hundreds of thousands of dollars in cash to the house and buying it

No that would be highly unusual. What if you got robbed? Would a bank even let you take out 6 figures cash without asking uncomfortable questions? Would a legit seller accept a suitcase of cash?

07-19-2024, 11:33 PM

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#18

SmackCelSonPiss
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Well son you go to a bank and hey boy son, i got some big time smack in my brokerage accounts boy, let's do a pledged asset mortgage boy son. Bank scopes out your chit, and says yeah boy son we can smack that ass. Head to the seller with cash ass in hand from your bank. You ain't gotta pay the IRS piss cuz you never sold them capital gains of a butthole.

Of course, phledophile ass cuck joe biden wants to change all that type of chit, cuz he's a punk ass bish. Trump Nation boy

smack out