Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Not having a checkbook and not having a bank account are two totally different scenarios.  

If they don't have a checkbook, wiring money to the title company to hold as EMD works well.  If they have only cash, taking them to a bank and getting a cashier's check made out, would be the answer.

Feb 17, 2018 05:43 PM
Rainmaker
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Take the cash to USPS, convert it into money orders and take them to escrow. How exactly do they plan to pay for the house?
Okay wait a minute. They have an online bank? Well then they wire the money into escrow. They have a bank account. I'm confused, do they have a bank account or not?

Feb 17, 2018 03:57 PM
Rainmaker
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Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

In our contracts, wire transfer is an option that about 40% of my clients use. As well, most internet and regular banks, and online systems have the capability to do an e-payment to a third party.

Feb 17, 2018 04:04 PM
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Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Broker Associate

More often here, is they have 3 days to submit their earnest monies, and usually wire it.

 

Feb 17, 2018 03:53 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Wire transfer.

Feb 17, 2018 03:37 PM
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Most buyers wire the necessary funds from their bank to escrow once we are under contract. Escrow will also take a cashiers check.

Feb 17, 2018 04:13 PM
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Our escrow companies will take cashiers checks and money orders.

Feb 17, 2018 04:04 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I am sure that their online bank can produce either a wire transfer or a cashiers check.

Feb 17, 2018 03:35 PM
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Alan May
Jameson Sotheby's International Realty - Evanston, IL
Helping you find your way home.

We're usually willing to wait a little for the earnest money to arrive.  The 'promise' of money also counts as 'consideration'.

Feb 17, 2018 06:16 PM
Rainmaker
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Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

They can pick up a money order at Walmart for a buck Praful Thakkar 

Feb 17, 2018 06:02 PM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Cashier's check.

Here, they sometimes wire the funds also.

Another option - I had an international client last week that sent the DD directly to the seller via bank transfer. This, of course, is done following ratification of the Contract.

Feb 17, 2018 04:28 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

A money order is acceptable.

Feb 17, 2018 03:51 PM
Rainmaker
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Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I have not seen a buyers check for years...it is always a wire.

Eve

Feb 18, 2018 05:01 AM
Rainmaker
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Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Praful, I'm waiting for someone to say that they are using bitcoin for their EMD.  In your scenario, wiring funds to title company to hold might work.

Feb 18, 2018 04:23 AM
Rainmaker
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Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I take it in unmarked, small bills, in a duffel bag, handed to me in a public space. It's funner that way.

Feb 17, 2018 09:10 PM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Paypal, Apple$, Wechat, Baba$, Western Union. Red Cross blood pint receipt.

BitCoin, Source Code for new software update???  Weed?

Feb 17, 2018 08:27 PM
Rainer
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Anthony Kirlew
Group 46:10 Network @ eXp Realty - Gilbert, AZ
Helping You Make Fiscally Sound Choices

Any form of certified funds would be fine (i.e. cashiers check, money order). The real questions are:

1. Are they paying cash for the house?

2. If not, do they have the financial stability to qualify for a loan? 

A lender will want to know their spending habits based on 2 months of bank statements. I've been out of lending for some time, so I am curious to know how a lender would deal with that. 

Feb 17, 2018 08:15 PM
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Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Money order.

Feb 17, 2018 07:44 PM
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     I haven't touched a paper check in a long time.  My buyers wire the money to the Title Company.

Feb 17, 2018 07:02 PM
Rainmaker
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Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Cashiers check

Feb 17, 2018 06:23 PM
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Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

They get a Money Order.

Feb 17, 2018 05:03 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Escrow company

Feb 17, 2018 04:31 PM
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I just had this, the gave me $1000 cash, we took a copy of the withdrawl slip,  copy of cash, I wrote a check for the $1000 and submitted copy with offer. It was accepted, we had everything the prcessor asked for showing a paper trail of money coming out of the buyers bank.

Feb 17, 2018 04:13 PM
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Cash turned into money order, cashiers check... or a wire transfer? 

Feb 18, 2018 02:11 PM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Out here: proof of funds is a print out of the bank balance.  EMD is wired in within 3 days of escrow opening.

Feb 18, 2018 12:26 PM
Rainmaker
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

We do not do checks in my area.  That ship sailed here years ago.  We provide proof of funds with the offer.  The deposit is wired to escrow within 24 hours of acceptance.  

Feb 18, 2018 11:07 AM
Rainmaker
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Our deposits are mostly wired to the escrow company and the contract provides for that option.

How does a buyer without a bank account qualify for a mortgage?

It is also our custom to submit proof that the buyer has funds to cover the down payment and closing costs along with the offer and mortgage approval. If cash purchase, still need proof of funds. Hard to do that without a bank account.

Feb 18, 2018 08:37 AM
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

no accounts at all??? wherever they stash their cash, they need to grab a chunk and get a certified or bank check for it....

Feb 18, 2018 07:47 AM
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Money order is the way to go. Western Union has same thing.

Feb 18, 2018 07:19 AM
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Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

If they have a bank account they go to the bank get a certified cheque or money order.  If they have cash, they can also purchase a money order..  Although we prefer to have a cheque accompany an offer, it's not a requirement.  We muset have it withing 24 hours of acceptance of the offer or the offer dies.

Feb 18, 2018 07:02 AM
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Praful Thakkar Certified funds and money orders work.

Feb 18, 2018 06:28 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

get a Money Order OR go open one !

Feb 18, 2018 06:00 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

No checkbook, no problem! Wire transfer the money to the escrow agent. No bank account, not ready to buy!

Feb 18, 2018 05:58 AM
Rainer
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Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Wire, money order or cashiers check all work. But remember, if the earnest money's origin is cash, lenders will not accept that, so it can't be included in the transaction. The agent, at closing, would have to issue a check back to the buyer for the earnest money

Feb 18, 2018 05:53 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Cash will work.

Feb 18, 2018 05:50 AM
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

There are many FOREIGN buyers arriving without bank accounts. Even they are smart enough to know this is not going to work, open a bank account and let their dollars season. After that the option are many.

Feb 18, 2018 05:34 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Wire the funds to escrow

Feb 18, 2018 04:51 AM
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Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Cashiers check, money order or wire is acceptable.  No Cash!

Feb 18, 2018 04:48 AM
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Feb 18, 2018 03:36 AM
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

They can get a certified check or cashiers check at the bank where they have deposits. I'm a bit confused... there is a difference between having a checkbook and a bank account. You can have a bank account without a checkbook. 

Feb 18, 2018 03:23 AM
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I take the cash, copy all of the Bills and then   deposit it  into my trust account

Feb 17, 2018 09:09 PM
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We have not required a copy of the check in years, so a wire would suffice, or a cashier's check.

Feb 20, 2018 10:45 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

if a buyer doesn't have any kind of bank account I don't think they are qualified to buy.

If they have an account, but not a checking account they can wire funds to my trust account, bring cash or buy a money order.  (I prefer money order over cash, but it has not always happened)

Feb 19, 2018 11:52 AM
Rainmaker
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Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Money order, cashier checks.

Feb 18, 2018 07:29 PM
Rainmaker
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Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

They can always request a cashier's check.

Feb 18, 2018 05:05 PM