3 ms·

> cash, a cashier's check or ability to do an immediate wire. OT, but I couldn't help noticing that when you put "cash" next to "immediate wire", you must mean

> cash, a cashier's check or ability to do an immediate wire. OT, but I couldn't help noticing that when you put "cash" next to "immediate wire", you must mean actual paper and coin cash. I don't think you can buy anything in the US for $12.3 in suitcases of cash.

walrus01 2y ago
You probably could if you showed up with $12.3m in cash and you were like, provably a wealthy family from Saudi Arabia or Qatar or similar that suddenly showed a motivation in investing in US real estate, but there would still be many questions asked (to your lawyer) for KYC/AML purposes.
- Supermancho 2y ago
  Would need escrow, even with cash. Someone has to count it and insure the amount consists of legitimate bills.
  - jtriangle 2y ago
    You don't need escrow, strictly speaking. With something like this you will, of course, be required to use escrow by the seller.
- dannyw 2y ago
  Real estate is exempt from KYC/AML.
  - wakawaka28 2y ago
    Probably because the asset is stationary and could be seized by the government at any time.
    - to11mtm 2y ago
      It's not really 'exempt', it just tends to work differently and in this case other controls are expected to be 'working'. To your first point, it can't be moved out of the country/etc. However, Real Estate as a funnel for AML is definitely a thing and normally you'll get trained on it. I think another factor in this case however is the other 'related' controls; if a bank is writing cashiers checks, assuming it's a US Bank of course, for any amount over a few grand they should have done their AML work, thus providing identification/etc when 'qualifying' for the option likely serves as the paperwork required on their end.
  - walrus01 2y ago
    Looking at the Vancouver single family home residential real estate market, it certainly seems to be.
aorloff 2y ago
Not in the auctions on the courthouse steps I've been to. When I went, the process is this : the auctioneer arrives and announces bidders step forward to qualify, wherein they (privately) show their ID and cashier's checks made out to themselves auction occurs, as others have said credit bids typically dominate (by the lender, who may bid multiple times) winner signs over cashier's checks to auctioneer, overage being refunded later at COE For this reason the pros carry many denominations of cashier's checks, so they don't have to leave much overage with the settlement

walrus01 2y ago

You probably could if you showed up with $12.3m in cash and you were like, provably a wealthy family from Saudi Arabia or Qatar or similar that suddenly showed a motivation in investing in US real estate, but there would still be many questions asked (to your lawyer) for KYC/AML purposes.

Supermancho 2y ago
Would need escrow, even with cash. Someone has to count it and insure the amount consists of legitimate bills.
- jtriangle 2y ago
  You don't need escrow, strictly speaking. With something like this you will, of course, be required to use escrow by the seller.
dannyw 2y ago
Real estate is exempt from KYC/AML.
- wakawaka28 2y ago
  Probably because the asset is stationary and could be seized by the government at any time.
  - to11mtm 2y ago
    It's not really 'exempt', it just tends to work differently and in this case other controls are expected to be 'working'. To your first point, it can't be moved out of the country/etc. However, Real Estate as a funnel for AML is definitely a thing and normally you'll get trained on it. I think another factor in this case however is the other 'related' controls; if a bank is writing cashiers checks, assuming it's a US Bank of course, for any amount over a few grand they should have done their AML work, thus providing identification/etc when 'qualifying' for the option likely serves as the paperwork required on their end.
- walrus01 2y ago
  Looking at the Vancouver single family home residential real estate market, it certainly seems to be.

aorloff 2y ago

Not in the auctions on the courthouse steps I've been to. When I went, the process is this : the auctioneer arrives and announces bidders step forward to qualify, wherein they (privately) show their ID and cashier's checks made out to themselves auction occurs, as others have said credit bids typically dominate (by the lender, who may bid multiple times) winner signs over cashier's checks to auctioneer, overage being refunded later at COE For this reason the pros carry many denominations of cashier's checks, so they don't have to leave much overage with the settlement