The First And Only Time

Sounds like a movie plot, Margaret. Title companies, who handle our escrows here in northern California, won't accept cash, and no wonder. That's quite the experience you had.

Hi Margaret, I had an all cash transaction once in fourteen years couple of years ago, buyers were an older couple, they didn't believe in banks, I was reluctant at first but it worked out.

Margaret WOW that had to have been a scary experience.  Never had anything like that happen to me.

Hi Margaret

That would certainly be an eye opening experience. And what a "treat" to have the IRS and FBI at your home going through records. I've heard of a few closings where buyers came with cash but any stories like this one, hopefully never to be repeated.

Jeff

In all my years, I've only seen one truly CASH transaction.  My buyer, walks in with a brief case, and at the title company table began counting it out, in $100.00 bills.  No certified check, no electronic transfer, no money order.

I should add that the buyer in my transaction was totally legit.  He was an elderly man, who had seen his parents get burned by banks in the Great Depression.  He simply hated banks.  

Interestingly enough, my own parents also had a mistrust of banks for similar reasons.  They didn't have a saving or checking account.  My dad worked at the railroad.  On payday, we went to the local grocery store where dad cashed his check.  We bought groceries, and walked over to the hardware store on the next block to pay our utility bills.  Everything in our neighborhood that we wanted or needed was within a two block radius.  I will never forget a Saturday morning when dad lifted the corner of the living room carpet after moving the couch.  He pulls out an envelope with enough money to pay cash for a new car.  

It was a different world, than I've grown accustomed to.

Hi Margaret - I've always wanted to see a suitcase full of cash at a closing, but no luck so far. The only cash story I have is that when a bank wanted to see proof of reserves from our buyer in the massive amount of $200, he xeroxed 10 $20's and faxed it to them. They were not amused - but we were : )

Yikes!  Clearly the title company must have reported that suitcase full of cash to the Feds.  

They should have.  Any entity in receipt of more than $10K in cash needs to report it.  

Yowza! Now that's a memorable first time! In a prior life I worked at a car dealership and was introduced to the tax form one must complete when depositing large sums of cash. Your experience takes the cake!

Margaret, I had a colleague whose niche seemed to be sellers headed for Allenwood, also known as Camp Fed.  Her husband was a well-known criminal attorney, and every so often even he couldn't get these guys off, so they went from being his clients to being hers!  Love your story!

Now, THAT is memorable!  WOW!  What's funny is that you told these agencies that your schedule was too full - hilarious!  You are one strong woman, that's for sure!

Wow, that's just crazy.  But, as you know, crazy things happen out there.