If you are going to transfer money or borrow money to make the purchase of your home you need to do so well before the closing. I am in a sitation right now where a buyer waited until the last minute to transfer money from an out of state account. What they didn't know was that the bank requires the money to sit in the account for 5 business days before it can be released. Now the sale is delayed because if this error. Also, if you are having money gifted to you from family make sure to disclose this at your initial meeting with you lender. Banks are looking at loans with a fine tooth come and want records of where the money is coming from.
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Good advice - I hope alot of buyers read this post. I always discuss this issue with buyers upfront and insist on a pre-qual letter and proof of the down payment funds prior to showing them property. Good luck with your closing - hopefully it all goes smoothly for you now.
Oct 14, 2010 07:13 AM
Rainmaker
46,785
46,785
Cidalia Mendonca Matukas
Realtor Greater Brockton Southeastern Mass R.E.
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