How much hard cash may I accept for house?

bristol_pilot

If the cash payment has the effect of reducing the contract price, then this is NOT the same as the normal deposit. It sounds more like an attempt at either fraud and tax evasion or, at worse, money laundering from organised crime.

OP - stay clear of this, there is such a thing as 'conspiracy' (to commit fraud etc).

LandyAndy

Markos wrote: »

I am selling my house and have been made a provisional offer by what appear to me to be a very genuine and honest couple. They are happy to pay what I have asked (although, I did reduce it slightly) however, they cannot afford to pay the entire amount through their bank and have asked if I will accept some 'hard cash' as part of the payment.

That's the bit that tells you they are anything but.

Don't do it.

martindow

Are these people used to buying and selling in other countries? It is common practice in many places to pay some in cash under the table to reduce taxes payable. Not only third world countries - ask people who have bought second homes in France for instance.

hazyjo

Would you be happy accepting a large amount of cash? Would they hand it over in a bank so you could pay it in? I wouldn't feel safe with it in my house, and I wouldn't like to be on a street with it. Also, would you know the money was all real? I'd never touch a cash deal for anything more than I could afford to lose - and I wouldn't want to put my safety at risk over it. I would be worried sick over it all generally.

Personally, I'd not touch with a bargepole. Get them to pay the money in their bank and transfer it. Definitely something dodgy (few likely suggestions above - I'll opt for 'tax fiddle').

Jx

maninthestreet

OP - does the term 'money laundering' mean anything to you?? Tell then to pay the money into their own bank account - if they can't or won't do it, run away....

Markos_2

Well, I am beginning to feel rather silly.

Thanks for all your replies, advice and suggestions.

I did speak with the couple again today. They actually run a market place (multiple stalls) in Belgium. I didn't ask any more details.

I told them that I had accepted a higher offer.

This is one I'll have to walk away from. That's a pity.

But, I guess if something appears too good to be true then it usually is!

Thanks again

Markos

buckfast67uk

It could be that they couldn't raise enough funds from their mortgage in terms of income multiples, self employment or whatever and are using a credit card or unsecured loan to pay for some of it. I considered this in the past. Its not necessarily dodgy. I'd take the deal, you've got no reason to question it.

DVardysShadow

Markos wrote: »

... I did speak with the couple again today. They actually run a market place (multiple stalls) in Belgium. I didn't ask any more details.

Let me fill them in. They spend the profit from their stalls on fags from the hypermarket and they have cash to offload from resale her.