Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

69
Posts
8
Votes
Dominique Mickles
  • Specialist
  • Atlanta, GA
8
Votes |
69
Posts

Having Cash In Bank

Dominique Mickles
  • Specialist
  • Atlanta, GA
Posted
Is it true that if I want to buy a house with cash it must be in a bank account for 2 months before I can purchase the home? (I was told saving it in my mattress won’t do me any good)

Most Popular Reply

User Stats

5,116
Posts
5,171
Votes
Kyle J.
  • Rental Property Investor
  • Northern, CA
5,171
Votes |
5,116
Posts
Kyle J.
  • Rental Property Investor
  • Northern, CA
Replied

@Dominique Mickles  If you're buying a house ALL CASH the cash doesn't need to be in your bank account for 2 months before you can purchase the house and there's no bank underwriter that will "hold up your deal" for 60 days until your money is seasoned.  If you're buying a house ALL CASH there's no bank underwriter even involved. 

If you're buying a house for $20k as you said in your example, and you have $20k available in your bank account, even if it was just deposited a week ago, you'd simply wire it to whoever is handling the closing.  There's no one involved who would even look at when it was deposited if it's an all cash transaction. 

(The whole thing about seasoning money for 2 months has to do with when you're getting a loan and banks generally wanting to see 2 months worth of bank statements, but you won't have to worry about that if you're buying the house all cash because you won't have to show your bank statements to anyone.)

Loading replies...