Please put down the Guns – let’s just get to the closing!

By
Real Estate Agent with United Country Ponderosa Realty

When he told me, "I will just bring cash! It's legal tender!  No one can refuse my cash! "

I pictured him walking into the closing room, guns on both hips, spurs on his boots and a huge bag of cash thrown over his shoulder; something out of an old western, for sure!

He was upset when I told him that his cash purchase meant he would have to wire the funds to the closing company.

He was furious about paying wire fees, because his money was in a few different banks.

This is a transaction well over $100,000.  I said, "No, please don't bring cash; the title company will not accept it, that is too dangerous to be carrying that much cash."

...........THEN HE SAID:

"I'm protected by Smith & Wesson"

"Well, the closer is not - she cannot be expected to carry that much cash to the bank and cash in excess of $9,999.99 will be reported to the Federal Government.  They want to be sure you are not laundering drug money through your Real Estate Transactions."

A flash of Scarface, guns, and two big guys carrying briefcases filled with cash, flashes through my mind.

 

 

 

Title Companies and Attorneys are refusing to accept cashier's checks, also - especially in "cash transactions" because many fraudulent checks have been presented.  Funds must be immediately accessible in order for the Closing Company to disburse the payoffs, pay the taxes, the seller, and all other related charges associated with the closing.

In a Real Estate transaction involving a new loan, the lender has verified buyer's funds that are available to close, and a buyer's In-State cashier's check will generally be accepted.

 

A "cash" transaction will require wired funds.

Verify with your Real Estate Agent and the Title Company what type of funds are acceptable to close

Reluctantly, my buyer agreed to wire the funds for his closing,

to forget about Smith & Wesson, and to forget about the Cash.

 

*******************************************************************************

Mary Douglas, your Mountain Broker-Associate and REALTOR®

United Country  Ponderosa Realty, Red Feather Lakes, CO

www.redfeatherlakes.com ---800-531-2195

"A Day in the Mountains will always soothe your city soul"

The information contained in Mary's blog is deemed reliable but is not guaranteed, and the opinions and        views expressed in these articles are solely those of the author.

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Website: www.marydouglas-redfeatherlakes.net

 

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Re-Bloggged 1 time:

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  1. Rebecca Gaujot, Realtor® 06/01/2009 05:18 PM
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Topic:
Home Buying
Groups:
Addicted to Active Rain
Almost Anything Goes
Club Chaos
Rookies Turning Pro
"Whacked"!!!
Tags:
closing funds
funds necessary to close
cashier checks
cash buyers

Comments 76 New Comment

Rainmaker
500,841
Mary Douglas
REALTOR, Red Feather Lakes, Colorado
United Country Ponderosa Realty

Hi Kim, that's a great story! Sounds like the attorney was calm as a cucumber, and didn't miss a beat!

 

Hi Cherry, I'm not sure that line of thinking will work - but I do wish you well.

 

Hi Gail, You can imagine it... the second line of the post says "I pictured him"...he really didn't come in with guns a blazing! LOL!!

 

Hi Craig, Thanks - I guess our job is to get our buyers to the table without any hiccups! They don't know what will work- but we do.  I loved his Maverick spirit, but knew it wouldn't fly.

 

Caren, I like your line ".....push the button, not the envelope!" that's a good one - I'll save that one!

 

Patricia - I love the color of cash, too! I read Gary's comment differently, though.

 

Thanks everyone, I appreciate your thoughts today!

June 02, 2009 12:10 PM
Rainmaker
250,197
Debi Boucher
"Realtor Showcase" - Real Estate Photography/Virtual Tours
Real Estate Showcase Photography

Oh Mary!!!! LOL Only in the west, huh? This is great... "Rocky Mountain Wild" used to refer to the animals.....

Debi

June 02, 2009 04:27 PM
Rainmaker
500,841
Mary Douglas
REALTOR, Red Feather Lakes, Colorado
United Country Ponderosa Realty

Hi Debi, Well at least you usually know what to expect with the animals! LOL!! People are always surprising -- interesting and surprising.

June 02, 2009 06:25 PM
Rainer
83,756
Andrew Haslett
Heartland of Kentuckynulls, Best Home Inspector
Van Warren Home Inspections, NAHI CRI

Mary, lots of people found this funny. Hmmmm.

I wouldn't say that it was ha ha funny. Maybe, ironic kind of funny.

But, then again, I was making a cash transaction, and find it annoying to have to pay over $30 in wire fees -- and it took 3 days for the wire from the date of order to the date of confirmed receipt. Heck, what happened to automatic deposits and automatic debits: they are free.

June 04, 2009 10:45 PM
Rainmaker
500,841
Mary Douglas
REALTOR, Red Feather Lakes, Colorado
United Country Ponderosa Realty

Andrew, Many people find it annoying, and it can be a huge obstacle-- depending on the state or locality ( because different areas accept different forms of payment at closing, as in the comments above).  It was written in good fun, of course it's not fun or funny to pay to have the bank send someone your money.

This was actually part 2 of a post called "At Closing: It's all about the Money" I hope you will read that one too, because, quite frankly, I don't understand the banking business, but I mostly understand the closing business.

June 04, 2009 11:24 PM
Rainmaker
500,841

Mary Douglas

REALTOR, Red Feather Lakes, Colorado
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