Arghh - need to decide today between cash or mortgage offer (agent, accept)
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Re tear downs - our town used to be known as the tear down capitol of the nation. It's where teardowns.com originated.
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Originally Posted by CatWarmer
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.
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.
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.
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.
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!
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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