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.
Showing posts with label Cash downpayment delays. Show all posts
Showing posts with label Cash downpayment delays. Show all posts
Friday, June 12, 2009
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