Concerns when documenting your down payment?  

I found an interesting article in the New York Times all the way from June 2nd 1909 about a little old lady who had her money stolen from her mattress.  Mrs. George Shea was visiting her sister on Alki all the way from Deluth, Minnesota and planned on purchasing property in the Seattle area.  Her husband sent the money via The Great Northern Express Company and she planned on putting it in the bank the very next day.  Mrs. Shea and her sister decided to go out and spend some time in Seattle and came back to find her room ransacked and her money gone.

Two things struck me as odd about this article: 

1. 1.  The article called Alki a suburb of Seattle which is funny because Alki is now considered a neighborhood of Seattle, but I can see how back in 1909 it probably was a suburb!
2. 2. Do you think Mrs. Shea was set up?  I mean how many people could have known about that twenty grand?

I bet Mr. Shea was pretty mad when he did finally make it into Seattle to look for real estate, but this story reminded me of a few clients I have come across.  I actually have had clients that did not believe in the banking system and felt more comfortable keeping their money hidden in their houses.  I have talked with other agents who have found this to be true of some of their clients as well so I know it happens! 

Dollars and undergarments....

My first example was a client who saved her money in her sock drawer.  She literally had tens of thousands of dollars in her underwear drawer!  When it came time to seasoning her down payment, it was impossible and no one believed that she actually had stashed that much cash from her tips over time.

Dollars and locked boxes.......... 

Another client I have keeps a safe in his house and has it loaded with his life savings.... smarter than the sock drawer goes as far as security...unless your ex wife has the code.............or your disgruntled teen aged son can help himself anytime. 

Don't be like Mrs. Shea............

Put your money in the bank even if you never plan on buying a house!  It is safe there and can even make you money by earning interest rather than collecting dust.  Worse yet, what if a house fire happens and burns your life savings or you are the unfortunate victim of theft like Mrs. Shea?

In addition to being safe in a bank, it can be documented when it come to getting a loan for real estate.   I completely agree with keeping cash on hand for emergencies, but if you are saving, then please put it in a bank!

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Associate Broker and Realtor serving North King & South Snohomish County - Experienced and with a background in accounting - I love my clients and work hard for them!

Call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle, Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!