Zillow Advice: Buying a Foreclosure - Can the Buyer in Fannie Mae transaction provide the cashier check for: proof of funds, EMD and closi http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ Zillow Advice | Zillow Real Estate I don't know the answer to ... http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ I don't know the answer to your question. However cash transactions (even those that use cashiers checks drawn from cash deposits) will require the recipient to a form with the IRS. See <a href="http://www.irs.gov/pub/irs-pdf/p1544.pdf" rel="nofollow">link.</a> If your client has failed to declare this cash in previous tax filings, this could trigger an audit. Your client should be made aware of this as it could impact you too. Sat, 28 Jul 2012 05:03:00 GMT http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ 2012-07-28T05:03:00Z Thank You All! I appreciate ... http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ Thank You All! I appreciate your answers! I have also addressed my question to CAR, Legal Hotline, the answer was "Yes, the Buyer can do it, unless the Seller's policy states otherwise. This is a matter of negotiation". Mon, 30 Jul 2012 21:50:00 GMT http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ 2012-07-30T21:50:00Z First I would ask Fannie ... http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ First I would ask Fannie Mae, but secondly I would suggest to your buyer that he opened and account and place the money in such an account, that way the bank can write the proof of funds and subsequently do a cashier's check for the full amount. Sat, 28 Jul 2012 15:11:00 GMT http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ 2012-07-28T15:11:00Z Easier way you could do that ... http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ Easier way you could do that is simply have the client open a bank account and put the funds in the account. Another option would be to have him deposit the funds with an escrow company. Sat, 28 Jul 2012 05:53:00 GMT http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ 2012-07-28T05:53:00Z Are you planning to put the ... http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ Are you planning to put the entire amount down as earnest money? Or get a cashier's check for the amount needed to close? Sat, 28 Jul 2012 04:58:00 GMT http://www.zillow.com/advice-thread/Can-the-Buyer-in-Fannie-Mae-transaction-provide-the-cashier-check-for-proof-of-funds-EMD-and-closi/453011/ 2012-07-28T04:58:00Z