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Old 10-17-2014, 06:40 AM
 
Location: Westwood, MA
5,037 posts, read 6,895,591 times
Reputation: 5960

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Quote:
Originally Posted by CatWarmer View Post
Re tear downs - our town used to be known as the tear down capitol of the nation. It's where teardowns.com originated.
Quote:
Originally Posted by CatWarmer View Post
Chicago suburbs; would rather not be more specific.
At least not for people who have no idea how to use google. Your "secret" is safe with me, though.

It's enlightening to see that other areas have teardowns, too. They are a big thing in my area (sadly not in my town, at least not yet), and I had assumed they'd big big on the east coast, but I guess Chicago has been there long enough for the good parts to fill up, too.
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Old 10-17-2014, 07:32 AM
 
Location: Raleigh
13,661 posts, read 12,341,234 times
Reputation: 20109
In lots of locations, banks will finance "teardowns." It doesn't mean that the house is in such rough condition that it needs to be torn down; it means that the house is in a prime location and a much bigger house could bring beaucoup bucks on the lot. A builder tore down a house across the street from my parents that had been redone in the last five years. A nearby neighborhood of 70's vintage split levels on 1/3 acre lots have all been torn down except one; and the houses were fine; its just that there was a large market for McMansions.
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Old 10-17-2014, 08:01 AM
 
Location: HHK
184 posts, read 315,051 times
Reputation: 250
Curious, for a 602k offer, do they actually pay the 602k in cash? 3 large suitcases filled with cash?
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Old 10-17-2014, 08:35 AM
 
466 posts, read 641,618 times
Reputation: 688
Quote:
Originally Posted by jayrandom View Post
At least not for people who have no idea how to use google. Your "secret" is safe with me, though.
I also thought this was funny. A two second search brought up the town.

We have a crazy amount of teardowns too in the Boston suburbs.
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Old 10-17-2014, 08:42 AM
 
Location: Raleigh
13,661 posts, read 12,341,234 times
Reputation: 20109
Quote:
Originally Posted by Coops1981 View Post
Curious, for a 602k offer, do they actually pay the 602k in cash? 3 large suitcases filled with cash?
Seriously??? It means they have the total of the funds available and don't have to hassle with getting lenders approval. It means that they can have the funds available tomorrow. They would typically bring a cashiers check from the bank, unless your selling to Pablo Escobar. He might bring suitcases full of cash.
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Old 10-17-2014, 08:46 AM
 
Location: Denver CO
24,204 posts, read 19,122,698 times
Reputation: 38266
I just did a cash sale. The funds were wire transferred to the title company, and they wire transferred the payoff to my mortgage company and the remaining proceeds were wire transferred into my bank account. No cash or checks involved.
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Old 10-17-2014, 08:55 AM
 
Location: HHK
184 posts, read 315,051 times
Reputation: 250
Well, if I do a cash sale I want real cash. Make its more fun, yeeeeeeeeeeee hawwwwwwwwwww
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Old 10-17-2014, 09:08 AM
 
8,562 posts, read 12,339,419 times
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Quote:
Originally Posted by Coops1981 View Post
Well, if I do a cash sale I want real cash. Make its more fun, yeeeeeeeeeeee hawwwwwwwwwww
Especially when the cash transaction has to be reported to the feds. Fun, fun, indeed.
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Old 10-17-2014, 10:07 AM
 
440 posts, read 529,881 times
Reputation: 640
LOL - I knew my town could be figured out but didn't want to put it in the thread. Actual cash might be interesting; picturing various movies where people throw piles of money in the air. Maybe we could get into one of those booths where they blow the money around and we grab as much as we can.

One of the other developers came in with a higher offer and we're happy campers!
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Old 10-17-2014, 06:49 PM
 
3,231 posts, read 3,524,706 times
Reputation: 3566
Quote:
Originally Posted by jackmichigan View Post
Especially when the cash transaction has to be reported to the feds. Fun, fun, indeed.
The bank could still submit a SAR for the wire transfer anyway. also, OP will be reporting the sale on their taxes anyway to determine if any capital gains taxes are owed, so the feds will learn about it anyway at tax time.

My concern with cash would be counting it (since we no longer have 10000 dollar bills) and concern over counterfeit currency.
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