Weekend Availability + A Tip for Your Self-Employed Buyers

Real Estate Professionals, 

I will be available this weekend to assist with your clients' pre-approvals, offer letters and home loan questions.  If I can be of service, feel free to reach me on my cell phone at 415-367-5959, or by e-mail at rspinosa@rpm-mtg.com. 

Here's a tip for your self-employed buyers:

This week, I got a call from a CPA in San Diego. She was being asked to write a letter for her self-employed clients who were attempting to purchase a home.  The letter needed to state that the withdrawal of funds (for the down payment) would not have an adverse affect on their business.  She was in a professional quandary and did not feel comfortable writing the letter --- the deal was off.  She called because she was seeking alternatives, which we were able to define and she was able to act upon.

Don't let this scare happen to you!  If you are working as an agent on either side of the deal and the buyers are self-employed, ask if any of the funds to close will be coming from a business account.  If so, the buyers must be prepared to have their CPA write a letter stating that the withdrawal of funds will not adversely affect their business.  If they cannot obtain this letter, for whatever reason, they need to transfer and season (usually 2 months) the funds into a personal account.

Sure, some loan approvals will circumvent this, but why take the chance?  And some CPAs will not have a problem writing the letter, but have this discussion before you execute the contract and the clock is ticking.

If you or your buyers need help with a scenario that mirrors the above, give me a call any time.

Have a great weekend!
 

Robert J. Spinosa Home Loan Professional DRE: 01297944 NMLS: 22343 591 Redwood Hwy. Suite 1150 Mill Valley, CA 94941 877.270.5959 Toll Free 415.367.5959 Cellular 415.366.1590 eFax rspinosa@rpm-mtg.com