Getting Money for Closing, is your client having problems?

By
Mortgage and Lending with Everest Credit Services

This might be a solution.

A referral partner of ours recently had someone who didn't have money to close as it came down to the wire. They were able to prove all but less than $1000.00 of the required amount.

The deal was in jeopardy of falling out. At the last minute the loan officer thought of a unique way to get the extra funds. Both clients had been married before and between old rings and some other jewelry they were able to come up with the amount of "junk" gold they needed to close the loan.

The underwriter accepted a copy of the check, deposit slip and bill of sale as proof of the required funds.

The deal worked for everyone. Clients got the house, the lender and Realtors all got paid.

I had heard of selling cars, motorcycles, boats, etc. to fund closings, but those are all things poeple don't typically want to get rid of.

There are plenty of places that will pay for broken, scrap, or otherwise unused gold and this may be a viable solution for you or your clients.

This client used Security Payday Loans and was very happy with the service and transaction. Thier number is 281-984-0876. The client got the money the same day.

There are many other places that buy gold though and the client should always shop around if they have time as prices can vary.

Good luck

Comments (2)

Lori Bowers
La Quinta, CA
The Lori Bowers Group

Guess it is true!  Where there is a will, there is a way!  I see tv ads all the time asking to buy old jewlery!  Great idea!

Oct 26, 2009 09:28 AM
Anonymous
Terry Ross

As always, I am sure some underwriter, somewhere will come up with...

"how do we know it was thier gold to sell? Do they have an original receipt from when they bought it? What were gold prices that day? How do they justify the difference between purchase and sale price? Is there anything else I can do to make you deal fall apart?" Sincerely, your underwriter.

Oct 28, 2009 08:06 AM
#2