Yes it has been a different day again. We have a deal under contract that is supposed to close soon. We finally got some out of state bank account paper work in. We have been waiting for it for a week. My clients parents where on vacation out of the country. They had given my client a large sum of money.
In today's banking world any large deposit into a buyers account has to be tracked. The bank will want to know where the money came from and why they gave it to the buyer. It's that simple. They will track it or you aren't going to get the loan.
So if you got $1000 or more deposited into your account be ready to show where it came from and why the they gave it to you. The bank has to get that information. Some of the reasons they want to know this information is
- The bank wants to make sure you are not getting a loan to buy a property. You may not qualify with the extra payment to pay back the "loan"
- The bank want to make sure you are not a straw buyer. A straw buyer is where you are buying the property for somebody else. Usually a straw buyer is committing fraud by getting around the banks regulations.
- With short sales banks will not sell to family members. Some families are trying to buy their own home back at a cheaper price through another family member.
So if you are moving money into your bank account be sure to get written proof of where it came from and why you recieved it. The bank is going to want to know.
I hope this helps you prevent a problem with your mortgage transaction and your home purchase before it happens.
Russ Ravary your Metro Detroit real estate agent
Search the latest foreclosures listingsand get the latest listings emailed to you
Comments (0)Subscribe to CommentsComment