bid on a seized property where the auction requires a cashiers check

QUESTION:   I would like to bid on a seized property. The auction requires a $5000 cashiers check. I plan on writing a check from my fidelity solo 401k to my local bank. The money would be in my personal account until the cashier check is drawn up in the name of the auction company.

I do not see any other way to get a cashiers check. Fidelity does not issue cashier checks. The entire transaction would take about 30days. If successful the property would be titled to the solo 401k within the 60 day roll over rule.
Just wanted you to comment on how this type of transaction has been handled by others.

ANSWER: You will need to setup a bank account for the solo 401k and deposit funds from the Fidelity non-prototype solo 401k account directly into the new solo 401k bank account. Do not deposit the funds from the solo 401k account into your personal account as it will be deemed a distribution. You can call me at 800-489-7571 option 1 to discuss further if you would like.


L.V. in Idaho

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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