Help: Buying possible first home with cash only
So the opportunity to buy a house in my area has come to me from a friend who's a realtor. The house is a 2 family home that is being sold for $140k cash only and the after repair value is close to $450k. The house is a foreclosure and the tenant is still living inside so the buyer has to do the whole eviction process. Because it is tenant occupied, the house cannot be inspected properly neither only from the outside. I told my dad about the deal and he is willing to buy the house. The only problem is that he has the cash but it is "mattress money" that he's kept accumulating in his safe for years and is basically hide life savings. We can't show up to the table with a bag full of cash so How can we purchase this home? Anyway around this??
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I would just write the contract for a few weeks out and make small deposits into a few different bank accounts until there is enough to take a couple different certified checks to settlement. Only a lender would be concerned about seasoning the funds and I'm thinking banks take cash deposits up to $10k without the tax form but I'm not positive on that number