All Forum Posts by: Account Closed

If you and your friend trust each other, then FedEx him the check. Have him endorse it to you and FedEx it back. Deposit it in your bank account, wait till it clears, then wire it to him, Or keep it and write the check for his next property purchase. Or have him spend a couple hundred and help him open a US LLC with you as a signatory and responsible manager, then you go open the LLC a bank account and have him endorse the check to the LLC and deposit it in the new account.

Can he do that? That would be great! I've talked to my bank and the manager there is trying to open a personal bank account for him; however, they do not for the LLC that he had formed. So, he has a US LLC already, but can't open a bank account. Maybe if he adds me as a signatory, I can open one for him then, great. I will ask about that. Thank you!!!

0 Votes

Originally posted by @Tom Gimer:

@Account Closed Did the title company withhold FIRPTA?

I asked them about FIRPTA and they responded, "We do not withhold taxes but we will be submitting a 1099-S for the 2018 tax year." Is it good or bad?

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Originally posted by @Albert Ng:

“Sorry, but what is BMO? The banks here in the States say that he has to be a resident. Also, he doesn’t want the money wired to his country, because it’ll take 8 weeks and he doesn’t want to wait that long. We’ve been watching some properties on auction.com and the bidding will start in the next week or so and he doesn’t want to miss those. “

Wire transfer doesn’t take 8 weeks. It happens a couple of hours.

And how does he buy property from auction.com when he’s not even physically here?

Sorry for the confusion, mailing the check and get it process overseas takes 8 weeks. Title company doesn't wire transfer. As for the auction.com, you don't have to be here physically. Everything is digital. I've done it before.

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Originally posted by @Albert Ng:

What’s your goal? Run off with the 15% capital gain tax? Cash some checks that you got your hand on? Or just to get the money a week or so early?

Some of your reply seems off somehow. Wire transfer that take 8 days!!!? And the bank won’t wire transfer because of exchange rate!!!?

Not 8 days, 8 weeks. That's how long it would take a foreign bank process the check if the title company mailed the check to him directly. It's the title company that doesn't do an international wire transfer, not the bank. Is it clear now?

And the goal is not to do anything illegal, just to be able to cash it quickly, I had made this very clear in my previous messages.

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Originally posted by @Dane Osa:

You don't need to be a resident to open an account. I did it by mailing my id to BMO. Why the rush to get cash when he hasn't even found another place to purchase? Wire is the safest bet if he is he really serious in getting the money in his country in few days.

Sorry, but what is BMO? The banks here in the States say that he has to be a resident. Also, he doesn’t want the money wired to his country, because it’ll take 8 weeks and he doesn’t want to wait that long. We’ve been watching some properties on auction.com and the bidding will start in the next week or so and he doesn’t want to miss those.

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Originally posted by @Ernie V.:

Not sure if this is possible, but he can open "Money market account" (works like savings account) on Vanguard or similar company, deposit check and then wire transfer or keep there until buys new property. I believe you can open them anywhere in a world. I would have him research that more in dept.

Ok, we’ll look into that. Hope they do that for a non-resident. Thanks for the advice!

1 Vote

Originally posted by @Chris Martin:

Man. Did an attorney close this? Can't you hold in escrow until the seller reinvests? This seems to be a problem with communicating with the closing attorney.

Doesn't sound like a scam. Probably half a million Canadians invest on the east coast from VA to FL... seems like a non-issue.

Yes, holding in escrow idea was mentioned earlier, but he still would need to take care of the remaining balance - to fix up the new property that he buys.

As for the closing, I think he just wired the money directly to the title company. He bought the house cash.

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Originally posted by @Anastasia Jordan:

Originally posted by @Account Closed:

Originally posted by @Anastasia Jordan:

My ex was able to open an account as a non-citizen (Wells Fargo). And why can he take it to the bank that it is written under with his passport and cash it?

Was he a resident at the time? You don’t have to be a citizen, but you need to be a resident in order to open an account. My friend is not a resident anymore since he moved back after graduated from college here in the States.

No.

Here on a Visitor's visa.

That’s interesting. I wonder if banks’ rules changed over time, but it is worth checking with Wells Fargo. How long ago was it?

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Originally posted by @Diana Duncan:

He can open an account with BOA. Will need to be in person and he will need a US address he can use. Ideally someone he knows who has a relationship with the bank.

The bank here said the same thing - that he needs a US address, which he doesn’t have. We ere wondering if I could add him on my account - like a joint account. I think they are a little bit more flexible adding people on existing account vs. opening a new one.

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Originally posted by @David Wurzel:

If you're his friend have him endorse it over to you and you take care of it.

That was one of our first ideas, but the bank said you can only do that for amount that’s less than $5000. His check is in hundred thousands.

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 31 times.

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company

Post: Sold a house, but can't cash the check from title company