Suppose I’m selling my house for $800k in California. I have a buyer with a traditional financing arrangement (30 year loan) and a cash buyer. As the seller, I get my money regardless of whether a bank pays me or an individual cash buyer. Why do people get excited over the cash buyer?
In: Economics
Given the amount of anti-money laundering checks that I had to go through to buy a house with a mortgage – proof of ID and full accounting of where the money for the deposit came from, I am surprised that you can purchase a house for cash.
This was something that crossed my mind a few days back, watching TV and someone came into a lot of money. I thought “if I went into an estate agent with that much money and said that I wanted to buy a house, would they even do that, and if they did how much AML paperwork would that create?”
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