Hi all, first time poster here. I purchased a property a couple years ago (really got a great deal) and love the property. Recently there has been a buyer purchasing a lot of land in the area (for more than the property is worth). The other deals in the area from this buyer seem to have gone through with a down payment and then significant monthly payments to pay off the price (extremely long escrows, like several years). I wasn’t necessarily interested in selling, but this buyer offered basically 3x what I paid. The caveat is that they want to make a down payment for what our remaining balance is on the loan and then make monthly payments with “bags of cash” until the balance is paid. This would be like 30-50k cash a month. From what I know, the buyer is from an Asian country but owns a lot of land in the U.S. I also believe they own an online or television retail business from their home country. Beyond that, I don’t know what they do but obviously my inclination is there is something illegal going on but have no idea. My question is how would that work? If I deposit that much cash, I’d obviously have to declare it but have never been in the position of having to declare a cash deposit. Would the buyer have to do paper work as well? Is this offer just too wild (too risky)? Would the bank even accept that much in cash deposits? I’m just not sure what I should do and would appreciate any expertise and advice.
Submitted November 09, 2018 at 01:17AM by 0percenttithes https://ift.tt/2yZdBjz
