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(We Are Central PA)   Treasury wants to inspect the barn doors of all-cash real estate deals   ( divider line
    More: Stupid, Political corruption, real estate, Joe Biden, Federal government of the United States, U.S. market, Abdullah II of Jordan, New York City, real estate market  
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765 clicks; posted to Business » on 06 Dec 2021 at 4:09 PM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook

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2021-12-06 7:00:32 PM  
3 votes:
Ban cash.  Have the digital fed buck.  Totally and completely trackable.  Give people 6 months to turn in their paper and metal money for digital fed bucks.

Problem solved.
2021-12-06 7:19:47 PM  
2 votes:

OccamsWhiskers: But these aren't literally "cash" purchases, are they? I always assumed they just didn't involve a mortgage. But the money transfer still happens via bank wire or cashier's check, doesn't it? So I'd expect that to be where laundering money is still difficult - moving the money into a bank where it can be paid to a real estate seller. If the money is already in a bank like that, isn't it pretty well laundered already?

I haven't sold any real estate, but I think I'd strongly object to a buyer proposing to show up to closing with a suitcase full of cash.

I have a BIL who loves to just come by with the cliche suitcase of cash to buy anything more than a few hundred dollars. Usually that suitcase is all of his money, he doesn't actually have savings or investments, though he thinks of every big purchase as an "investment."

There are still plenty of guys like him. He's now getting into real estate, he wants to buy some of these $25k 1900 era houses, recondition them and flip them. Guarantee you he's gonna bust out that suitcase for it.
2021-12-06 5:23:26 PM  
1 vote:
This won't go far due to the influence of the people who benefit from this.  People like Donald J. Trump.
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