Parts Catalog Accessories Catalog How To Articles Tech Forums
Call Pelican Parts at 888-280-7799
Shopping Cart Cart | Project List | Order Status | Help




Go Back   PeachParts Mercedes-Benz Forum > General Discussions > Off-Topic Discussion

Reply
 
LinkBack Thread Tools Display Modes
  #1  
Old 08-17-2009, 09:00 AM
KarTek's Avatar
<- Ryuko of Kill La Kill
 
Join Date: Jun 2007
Location: Bahama/Eno Twp, NC
Posts: 3,256
Question about buying or selling a house or property...

Just out of curiosity, could I walk up to someone with a suitcase full of cash and use it to buy their house?

Vice versa, could someone give me cash for my house?

What are the legal obligations of a house sale?

All sales I'm familiar with have been through a realtor, paid through a loan. I've never heard of just plunking down cash for a house though, in this market, I can see it happening with the bargain prices you can find in some areas.

Thanks!
Reply With Quote
  #2  
Old 08-17-2009, 09:35 AM
Registered User
 
Join Date: Jan 2002
Posts: 18,355
I imagine you could walk up to anyone with a bunch of cash and buy his or her house. Bill of sale on the back of an envelope might suffice?
I bought my house with cash back in 89. It had all the rigamarole of a typical sale with a loan.
__________________
1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13
Reply With Quote
  #3  
Old 08-17-2009, 09:37 AM
TX76513's Avatar
Platinum Member
 
Join Date: Apr 2003
Location: Brandon, Mississippi
Posts: 5,203
You can do it - Just hire an atty to do the paperwork for you, as there are some things you don't want to miss.
__________________
BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
15 VW Passat TDI
00 E420
98 E300 DT
97 E420 Donor Car - NEED PARTS? PM ME!
97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)
Reply With Quote
  #4  
Old 08-17-2009, 09:42 AM
Mistress's Avatar
No crying in baseball
 
Join Date: Apr 2006
Location: Inside a vortex
Posts: 624
Medmech where are you??????? Title searches need to be done...
__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2003 S430- "Yolanda"
Reply With Quote
  #5  
Old 08-17-2009, 10:18 AM
davestlouis's Avatar
Registered User
 
Join Date: Dec 2005
Location: Cincinnati, OH
Posts: 571
I would also imagine that there would be some sort of federal notification about such a large cash transaction...it you walk into your bank with $100K in 100 dollar bills, surely the bank has to tell somebody about that.
__________________
2002 Ford ZX2
2 x 2013 Honda Civics
Reply With Quote
  #6  
Old 08-17-2009, 10:19 AM
Registered User
 
Join Date: Jul 2007
Location: USA
Posts: 2,156
yes its possible but most of time real estate agents want bank statements and other forms.
__________________
1986 300SDL, 211K,Dealership serviced its whole life
1991 190E 2.6(120k)
1983 300D(300k)
1977 300D(211k)
Reply With Quote
  #7  
Old 08-17-2009, 10:24 AM
Jim B.'s Avatar
Who's flying this thing ?
 
Join Date: May 2006
Location: N. California./ N. Nevada
Posts: 3,611
Yeah, it has been done, many times.


Back in the late 1980's and 1990's there was a LOT of panicked Hong Hong dollars looking for a place to be parked.

People there were panicking that when the 100 year lease with Great Britain ended, in 1997, that the Chinese commies would grab all of it, take everything and leave them with nothing.


We have an unusual situation in this country: "We don't care who you are, or where your money came from, if you have it, you can buy ANY real estate you want."


A great deal of it came to San Francisco, and got sunk into real estate, -- we are talking apartment buildings, high rise skyscrapers, and private houses.

Often times, title was taken in the name of "straw men" --- waiters in Chinese Restaurants...


I was in the title business in San Francisco back then. I heard incredible stories, of Chinese people with suitcases full of cash, coming up to the front door of homes in the Richmond and Sunset District, worth $400,000 ( a LOT even then) of old Irish widows, and offering them $700,000 CASH on the spot for the houses.


What could they do?

Of COURSE they sold out.


It changed the character of those SF neighborhoods forever. "Progress" if you want to cal it that.


The asians that bought, wanted to have the property in PORT cities, like LA, Long Beach, Vancouver, SF, Portland, Seattle, and places that faced ASIA.


Yeah it happened. I saw it.
__________________
1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)
Reply With Quote
  #8  
Old 08-17-2009, 10:25 AM
KarTek's Avatar
<- Ryuko of Kill La Kill
 
Join Date: Jun 2007
Location: Bahama/Eno Twp, NC
Posts: 3,256
Quote:
Originally Posted by davestlouis View Post
I would also imagine that there would be some sort of federal notification about such a large cash transaction...it you walk into your bank with $100K in 100 dollar bills, surely the bank has to tell somebody about that.
Yes, that's something I'm curious about too.

Now, here's another question:

Hypothetically, if I have a friend who's down on his luck and I want to sell him a piece of property at a discount for him to build a house on, am I under any obligation legally to sell that property to him at a "fair" market value or can I sell it at what ever price I choose?

What if that friend is a building contractor and I want to trade him the property for the equivalent value in construction services?

I'm just thinking out loud here.
Reply With Quote
  #9  
Old 08-17-2009, 10:37 AM
Jim B.'s Avatar
Who's flying this thing ?
 
Join Date: May 2006
Location: N. California./ N. Nevada
Posts: 3,611
Quote:
Originally Posted by KarTek View Post

Now, here's another question:

Hypothetically, if I have a friend who's down on his luck and I want to sell him a piece of property at a discount for him to build a house on, am I under any obligation legally to sell that property to him at a "fair" market value or can I sell it at what ever price I choose?
You can give it to him for free, by deed, sell it to him for any price and keep a mortgage on it for him to pay you back, or trade it for something in exchange for the deed.

You can transfer it for a dollar, full market value or anything in between. It is up to you.

Quote:

What if that friend is a building contractor and I want to trade him the property for the equivalent value in construction services?

I'm just thinking out loud here.

THAT is a trap for the unwary. I would never get into ANY deal with a down on his luck building contractor even if he is a REALLY good one.


Most have no money, and ask for "progress payments" to pay them as they go, when they build things. Many times they don't pay their subcontractors, who then have the legal right to record a lien on YOUR house, which you have to pay off when the contractor skips town or runs out of money.

Trade HIM (the contractor) the real estate for "the equivalent value in construction services"?


Oh no, never. Unless you TOTALLY trusted them, and even then, NOT till they performed the equivalent value in services FIRST.

And even THEN, probably a very bad idea. Get a VERY good written contract, with strict timelines for completion, and penalties for every day late.


Contractors are notorious fo working on their OWN schedules, and showing up when they feel like it.

Check their licenses are in good standing, the have all the bonds they need so if a worker gets hurt on the job you aren't stuck with it, get their references for past work, and then CALL them.


If you trust, then VERIFY...
__________________
1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)
Reply With Quote
  #10  
Old 08-17-2009, 10:38 AM
Redefining normal daily
 
Join Date: Jul 2004
Location: Frederick, MD
Posts: 445
If you sell a property at less than market value, you're supposed to report it on your income taxes - you may be liable for gift taxes on the difference between your sale price and fair market.
__________________
1961 220b: first project car - sold.
2000 CLK 430: first modern Benz - sold.
2001 CLK 55: OMG the torque!!! - sold
1972 280SE 4.5: Baby Gustav
1991 300TE 4Matic: Gretel the Snow Bunny - sold
1978 300SD: Katz the Free Man
1980 Redhead: Darling Wife
Reply With Quote
  #11  
Old 08-17-2009, 06:44 PM
Hatterasguy's Avatar
Zero
 
Join Date: Nov 2002
Location: Milford, CT
Posts: 19,306
Yeah thats how I usualy buy building lots, although I walk up to them with my check book.

Just run it through your attorney for the closing, they will take care of the title search, transfer of title, etc, etc.

Write up a contract on some paper, doesn't have to be much, than take it with the deposit to your attorney. The buyer should also have an attorney, so make sure you get that info. Than the lawyers deal with it.
__________________
2017 Chevy Silverado 1500 LTZ
2007 Tiara 3200

"No free man shall ever be debarred the use of arms. The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."
-Thomas Jefferson
Reply With Quote
  #12  
Old 08-17-2009, 06:50 PM
Hatterasguy's Avatar
Zero
 
Join Date: Nov 2002
Location: Milford, CT
Posts: 19,306
Quote:
Originally Posted by KarTek View Post
Yes, that's something I'm curious about too.

Now, here's another question:

Hypothetically, if I have a friend who's down on his luck and I want to sell him a piece of property at a discount for him to build a house on, am I under any obligation legally to sell that property to him at a "fair" market value or can I sell it at what ever price I choose?

What if that friend is a building contractor and I want to trade him the property for the equivalent value in construction services?

I'm just thinking out loud here.

I have never done a trade before, so I can't help you with that.

But as for your first point no, as long as you are not a licensed real estate agent. If you have your license even if you are not practicing be carefull. If you steal some property from someone you can get sued. Thats why I let mine expire. On the flip side with selling, as long as you are the owner you are fine.

But no you are under no obligation to sell or inform the buyer of the fair market value of the property. I make a lot of my money by purchasing stuff far, far below fair market value. For example the last building lot I purchased I got for 30% of FMV. I'm working on one now thats complicated and is currantly worthless, but after some work I'll have about 50% of FMV into it, after I make it valuable. My uncle has been known to literaly steal them for about 5% or less of FMV. You can sell the property to your friend for $1 and it has been done before.
__________________
2017 Chevy Silverado 1500 LTZ
2007 Tiara 3200

"No free man shall ever be debarred the use of arms. The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."
-Thomas Jefferson
Reply With Quote
  #13  
Old 08-17-2009, 06:59 PM
Medmech's Avatar
Gone Waterboarding
 
Join Date: Feb 2007
Posts: 117
Quote:
Originally Posted by Mistress View Post
Medmech where are you??????? Title searches need to be done...
Not really if someone is paying cash they have the option of doing thier own search or nothing at all. Where the trouble resides is very few title companies will accept cash bills you can also count on all kinds of red flag cash transaction incidents coming up.


and some nice audits to follow, the cash has to be sourced.
Reply With Quote
  #14  
Old 08-17-2009, 08:17 PM
davestlouis's Avatar
Registered User
 
Join Date: Dec 2005
Location: Cincinnati, OH
Posts: 571
That's one nice thing about having cash flow where the biggest thing I can pay cash for is a Snickers bar...no red flags with the IRS for large cash transactions. I was under the impression that anything over $10K has to be reported on some sort of form. I have a life insurance license, and part of what we do as part of our training is look for money laundering. Cash is always a red flag.
__________________
2002 Ford ZX2
2 x 2013 Honda Civics
Reply With Quote
  #15  
Old 08-17-2009, 08:24 PM
t walgamuth's Avatar
dieselarchitect
 
Join Date: Apr 2005
Location: Lafayette Indiana
Posts: 34,427
I believe the banks have to report cash deposits of over 10K.
__________________
[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On




All times are GMT -4. The time now is 01:00 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2018 Pelican Parts, LLC - Posts may be archived for display on the Peach Parts or Pelican Parts Website -    DMCA Registered Agent Contact Page