Thread Starter: Anonymous
Title: Re: Large Deposit
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just a couple of lingering questions:
1. he thought he inherited a couple of hundred acres but it is 22,000. how does one get confused about that? with something of this large value, surely there was probate and the attorney would have spelled out what he was inheriting
2. relative left the property to "him and a buddy". why would the buddy be included? seems odd
3. property includes many of the town government buildings...so where is the rent for those going?
4. in the middle of the night at the hotel someone slipped him paperwork telling him where to go look for the entire amount he owned? yeah, nothing fishy about this
5. property tax bills are sent annually, with one reminder notice when coming late (at least that is my experience), and includes what the property description is, so not sure why "every time he turned around the town was sending him notices or bills of things to "fix" or tax bills or why he didn't realize what he owned
6. he has all his ducks in a row but doesn't know when the money is coming?
7. you say he is a prospective customer but the $10,000,000 is already deposited into his account. doesn't sound prospective to me, sounds like an established customer.
8. he keeps the $10,000,000 whether the "buyer" buys the property or not?
9. he is going to get over a billion dollars but doesn't want to go to where the big banks are to deal with it?
way too many flags in this story to make me think there is any credibility to it whatsoever. but let me know next tuesday if he shows up with a check for a billion dollars to deposit, or if you get an incoming wire for the same amount...
thank you for the wednesday morning laugh.
It is the truth. No falsehoods or made up stories.
1. The relative did not disclose what all was included as I am understanding. Just property in and around the town it is located at.
2. Both of them took turns taking care of the old man until he passed away suddenly. Old man took care of all his stuff. They knew he owned property but just was never told how much.
3. From what I gathered in talking with him it is going into a separate account. The money there is being kept to pay taxes and expenses on said properties.
4. He did not know whom it was but the person identified themselves as a close friend of the old man and he did not want to see the "town leaders" steal property that they knew nothing about. I am not sure but it was listed in another name or company name.
5. I know this is the way it is supposed to work but for some unknown reason, because he is selling all the property to another corporation that the town will have to answer to, they have been nickel and diming him any time they get a chance. He just got a "new tax bill due" just last Friday. He sent them the money.
6. Signing papers on Tuesday, July 2nd. They also get their money that day. Depends on how they pay. Either wire transfer or check. Bank has already told him up to a 3 week hold on an out of country check that they would have to send for collection. If money is drawn on a US bank then 2 day hold. The company buying the property is located in Australia.
7. Not at our bank but at the bank his lawyer set up as a third party negotiator.
8. The first buyer has not been able to get all their lawyers and parties involved together to sign the papers. His lawyer told them they were moving on to the second set of buyers waiting to purchase the property. To guarantee that their interest and intent was legitimate they ask that they deposit $10m into an account as a deposit to ensure they were buying the property and it was a guaranteed sell. Mutual agreed upon conditions if they missed the Tuesday July 2nd signing date then the first party would lose all rights to purchase along with the non-refundable deposit. Pretty much clearly stated. Most places require a non-refundable deposit when buying homes or property, at least around here. Last time I bought a car I had to put down a thousand dollar non refundable deposit until I could get a cashiers check to pay for the car.
9. He is figuring they will each end up with about $500m after exchange rates and any taxes are paid. He is a local fellow from the country. He has said repeatedly that the small town banks have always took care of him and his businesses and he wanted to continue to deal with them. Only most of the local banks are extremely small community banks. We do have 3 large national banks within 15 minutes of him. It is just a trait of the local people. Invest in those that have invested in you. Also the smaller banks are offering 3.5% interest rates whereas the local big banks are only offering up to 3% or less.
I know what you are thinking and that was my first thought too. But it is true. No made up tale here. I will keep you informed what is happening next week. In fact he asked me to take time and go to Chase, as someone suggested here and meet with their investment people. I told him not a problem.
Comply 101. He is telling the truth. I have seen property with mineral rights, gas, oil and coal go for hundreds of millions of dollars around here. The property he has, #1 has never been timbered, #2 never been mined of coal and other raw materials and #3 has never had a gas well drilled on it. So yes it is hard to believe when you have never been around stuff like this, but I have seen it and heard of it many, many times in years past.
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