Friday, June 12, 2009

BIGGIE'S HOUSE DELAYED...

The buyers for BIGGIE'S HOUSE have a big delay in their financing. Two months ago they withdrew all of their money from their bank account and put it a safety deposit box, because they were worried about the banking system. Turns out, in this case, the mortgage lender doesn't want cash from a safety deposit box as a down payment, they want the funds to be in a bank account for 60 days, or at least this particular lender does. So ... the 30 day closing is much longer than 30 days now.
LESSON: Before making a creative money move, check with a professional banker or lender to make sure you are not creating unnecessary challenges.

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