Thread: Buying a house with cash

Just out of curiousity (not that I'm personally looking to do so)...

How would you go about buying a house with cash? Let's also complicate things further and say that it's ACTUAL cash, like paper bills cash.

Besides recording this in the local courthouse, are any other agencies notified of such a transaction?

Maybe some real estate or tax attornys can weigh in on this.

Thanks!

Well, I would imagine you still need to go through Escrow even with Cash. IRS would be notified as well.

take the paper cash and go to the bank to get cashiers check for escrow.

or if u know the guy or w/e, jsut give him paper cash and have him transfer deed over as a gift or somehting.

This is assuming it's not clean cash, which is the only reason I can think you'd have enough cash to pay for a house in full.

Simple:

Take the money to vegas. Gamble a bit. Cash out and take a check to the bank. of course record the earnings on your taxes and now you have legit cash...minus your taxes of course.

Now invest that cash...

Take a loan for the house and put 20% down.

Originally Posted by saintv90

This is assuming it's not clean cash, which is the only reason I can think you'd have enough cash to pay for a house in full.

Simple:

Take the money to vegas. Gamble a bit. Cash out and take a check to the bank. of course record the earnings on your taxes and now you have legit cash...minus your taxes of course.

Now invest that cash...

Take a loan for the house and put 20% down.

im sure the irs wouldnt notice that lol

Originally Posted by unitedvisionary

take the paper cash and go to the bank to get cashiers check for escrow.

or if u know the guy or w/e, jsut give him paper cash and have him transfer deed over as a gift or somehting.

Let's assume the money is not clean - going to the bank to get a cashiers check is probably going to get reported. Let's also assume the buyer doesn't have a personal relationship with the seller.

I have no idea, but great 1st post!

Originally Posted by eshaun

im sure the irs wouldnt notice that lol

How much would they care if you pay taxes on it?

Come on people, this is not Sopranos and definitely not a place for advice on how to do illegal shit. And not really a good way to start here, strike 1.

Originally Posted by unitedvisionary

take the paper cash and go to the bank to get cashiers check for escrow.

or if u know the guy or w/e, jsut give him paper cash and have him transfer deed over as a gift or somehting.

The latter would throw up redflags everywhere. Open up a Bank account, this will require anything above a 10k deposit to be recorded by the IRS. Above 100k requires certain redtape, but nothing you won't be able to handle.

Once that is done, you can contact the realtor, and purchase using a wire transaction.