Zoom Call with Jack Carter: Ways to Pay for Real Estate

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

Zoom Call with Jack Carter:  Ways to Pay for Real Estate from ApplePay to Zelle

The Zoom call this week with Jack Carter was offered as a way to present different options currently being used to make purchases and the possibility that the new options may be applied to real estate purchases.

Mr. Carter was presented to the attendees by Margaret Rome, who met him during a transaction. She was so impressed with the manner in which the transaction flowed that he invited him to make a presentation for ActiveRain, and also encourages him to join, which he has done.

Real estate agents and those that work in the industry understand that first and foremost the funds need to be verified and all feel comfortable that the complete value of the purchase will be there for the closing. This was confirmed with each manner that was discussed.

  • Cash:  Rather self-explanatory as cash is king, but in our world the source of the funds need to be verified and as obligated within or Fiduciary duties, must have been earned legally. Also, bringing a suitcase of cash to a closing may not be very practical and the remnants of bedding interspersed can be distracting.
  • Personal Checks: Not typically acceptable as the checks can be stopped by the owner of the account.
  • Certified or Cashier's checks: Certified checks are merely a personal check that has been attested by a legal entity but like the personal check can be cancelled. A cashier's check is drawn against funds in an account and are more readily accepted.
  • Wire Transfers: The most secure of all possibilities, that are non-reversible and are most common. An individual attempting to use a wire transfer may find the cost slightly high but it still is widely used between institutions at closings.
  • Money Orders: Purchased at banks or post offices, they can be expensive if many are required, or dollar amount is higher, but they are acceptable
  • Credit Cards: Credit Cards are not acceptable as any charge can be disputed and funds reversed until resolved.
  • ApplePay and Google Pay:  These apps may work for some purchases, as they are credit card based.  As noted above, credit cards are not acceptable. However, for some smaller costs, they may be acceptable but that is determined by the individual provider.
  • Foreign Currency: The Lira, Yen, Euro, Peso, etc are all acceptable manners of payment in their own countries, however they are not practical for real estate purchases, but not exclusively.  The issue is rates of exchange, and it is possible that with the proper bank, the funds can be transferred and assuming the trail of funds can be established as legal permissible.
  • Crypto Currency: The rules regarding crypto currency, such a bit coin, etc are like foreign currency, however, it was offered by Ryan Huggins among others on the call that they have been used in transactions with some success.  It was noted by one of the call attendees that some municipalities are accepting crypto currency for tax payments.
  • Venmo, CashApp: These are money sharing apps and while acceptable for small transactions would be unacceptable for larger commercial purchases such as real estate.
  • Zelle:  This is another payment sharing app, and may be used by larger companies, but it's use is still limited.
  • Zocam, BankShot: These are designed for use as a way of obtaining an earnest money deposit and has been used successfully. A link is sent out by the title company to the buyer who transfers funds through the link. A receipt is sent out to all that have been included on the link and funds are accepted and are non-reversible.  Several people on the call acknowledged these apps.
  • Payments, Earnest: These are websites designed for specific payment purposes, i.e., student loans, and as such inappropriate for a real estate purchase. (I apologize for any miss-spelling).

There were several lively exchanges but overall, it was highly informative. All are also awaiting the first bog post by Mr. Carter.

Zoom Call with Jack Carter:  Ways to Pay for Real Estate from ApplePay to Zelle

 

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Ed Silva  Mapleridge Realty, LLC,   203-206-0754

Comments (37)

Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Thank you so much for the information. Jack jammed so much into his talk, and I had to step away briefly a few times so I missed a bit. Now I know!

Dec 09, 2021 04:42 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That was an impressive presentation from Jack Carter he definitely knows his stuff and I would be confident having him as an escrow agent.

Dec 09, 2021 04:57 AM
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Ed Silva , thank you for a great summary of the presentation. I started looking for your posts after the Zooms - always informative and useful for me.

Dec 09, 2021 08:32 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Ed,
Jack covered so much territory so quickly I couldn't help but be thankful YOU were taking notes!  Thanks again for a great recap!

Dec 09, 2021 10:29 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Ed- I loved Jack's presentation. It was easy to understand and very informative. I think it was especially helpful as more and more buyers may e wanting alternative forms of payment. 

Dec 09, 2021 11:46 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Joan Cox   I did learn something new so that was a positive and hopefully my notes are accurate.

Buzz Mackintosh   This is a title servicer that is also in your area if it's part of your service to recommend

Dec 09, 2021 11:56 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Jeff Dowler, CRS   It was another intense call as he made his presentation in just about 30 minutes.

Laura Cerrano   Jack definitely offered solutions and alternatives

Dec 09, 2021 11:58 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Margaret Rome Baltimore 410-530-2400   You did well with this presenter as well as a new member.  I see all have a flute of ginger ale as well.

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400   Thank you, my recap is only as good as my memory and ability to read my notes

Dec 09, 2021 12:01 PM
Margaret Rome Baltimore 410-530-2400

Ed,  That was sparkling cider. Thanks again for the re-cap!

Dec 09, 2021 12:15 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kat Palmiotti   That he did it was very informative and he does talk fast.

Brian England   We do not use title companies in CT and even the companies that are here farm out any business to the lawyers that are on their approved list

Dec 09, 2021 12:03 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Steffy Hristova   My pleasure as long as I can attend the zoom calls.

Carol Williams   Oh boy, more pressure

Dec 09, 2021 12:06 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kathy Streib   Eeven though he offered 14 options there really are only a very select few so far

Dec 09, 2021 12:07 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

THANK YOU for the zoom meeting re-cap Ed, good to know there are so many options out there for buyers!

Dec 09, 2021 03:27 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

I was so very impressed with Jack. He was knowledgable, prepared, professional - definitely one of the best speakers that we have had

Dec 09, 2021 03:51 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Thanks for the recap of this Tuesday's Zoom session, Ed.  I'm sure everyone able to attend, benefited!

Dec 09, 2021 05:24 PM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Wow this sounds like a great and informative zoom meeting that Jack Carter gave.  Sorry I missed it.  Thanks for writing up a very clear and concise post about it Ed!

Dec 10, 2021 09:52 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Featured in BananaTude!

 

Dec 10, 2021 09:52 AM
Eileen Burns
Trans State Commercial RE Ft. Lauderdale/Miami/Palm Beach - Fort Lauderdale, FL
FL Probate Agent, Hotel, Land, Multi Family

@Ed Silva well written synopsis. We so enjoy your blog post zoom.  Note, the City of Miami is planning to pay their employees in bitcoin as well as another form 😎for tax purposes.

Dec 11, 2021 06:30 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Always enjoy solution oriented people with creative ideas.  Thanks for the recap.

Dec 11, 2021 06:38 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thanks for sharing your recap, Ed! I too, was totally impressed with Jack's presentation and can't wait for the first blog post from him! 

Hopefully members who have not been in attendance will know that this is only the tip of the iceberg covered in our ZOOM calls...a.k.a. 'the nutshell version!' 

Dec 11, 2021 09:27 AM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

Nice summary but what about IOU's?  (aka Notes)  I wish I could pay by credit card for the points. :)

Dec 13, 2021 01:21 PM