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kissiffer
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0.10 Dollars($)
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Post subject: Sell painting for $2000 to make closing costs |
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Hi,
My wife and I are closing in 30 days on an apartment with 30% down. We are very close to having the right amount, however, it looks like we may be short by around 2k. I have a painting that I bought recently and it is worth $2000. Could I sell it in the next couple of weeks and use that money towards closing costs?
Thanks in advance! |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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Yes you cna absolutly do that
If thelender wants to know where the money came from, make sure to keep record of the sale, so it is avilable handy |
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Kissiffer
Guest
0.10 Dollars($)
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Post subject: Can I deposit 1k using a credit card check towards closing? |
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Hi again,
Thanks for answering my other question! What a fantastic site. Well, I have another query. As I mentioned we are putting down 30% and scraping every cent together to get a $417,000 conventional mortgage. Now, I have a pretty good income-debt ratio and I was wondering if I could use one of my credit card cash advance checks to add 1k or 2k to my checking funds? It is agonizing how close we are to having all of the funds, but I am trying very hard to come up with the extra cash 
Could I deposit the check into my wife's bank account (my name is on there too) and have her in turn deposit that into our main checking account (where the funds are coming from)?
Any advice or ideas much appreciated
Thanks, |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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Ok This where you need to get cautious
Do nto use your credit cards or apply for any other loans before you close.
Better option woudl be if you are short, but know you can pay it off, borrow from yoru friends or family and pya them later
Even thoguh you say you have good debt to incoem ratio, you do nto want to do anythign which can affect it while you are talkign to the lender
So I woudl say donto do it |
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saviour
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0.10 Dollars($)
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Post subject: giving a cash gift to a daughter towards her purchase of her |
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| i dont keep my savings in my bank account so cant show a statement , as it is kept in a safe at home |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi,
It is better to provide the lender with the bank statement to show that the funds were not borrowed by your daughter. However, if you cannot provide the bank statement, you can send the lender a gift letter stating you have given your daughter a cash gift for the mortgage. I think the lenders will not have any problem with that. |
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sajjat
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0.10 Dollars($)
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Post subject: How i write a gift letter |
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| How i write a gift letter |
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t carter
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0.10 Dollars($)
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Post subject: gift letter |
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| hi just wondering how far will they go to verify the relationship of my uncle. My lender wants birth certificates from anyone who gave us help. Going to be pretty hard with marriages and deaths? |
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joni
Guest
0.10 Dollars($)
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Post subject: |
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| how many gift letters can i receive? i'm getting gift letters from 4 different relatives for the sum of $27000, would that be a problem? is a gift letter from a girlfriend acceptable or is it strictly from relatives? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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To Joni,
It should not be a problem if you get mortgage gift letters from 4 different relatives. There is no rule that states you cannot get more than one gift letters. You can get a gift letter from your girlfriend as well, provided you can show a long standing relationship with her.
To T Carter,
It’s true the lender will verify your relationship with the donor of the gift. But it does not mean the lender will check the donor’s birth, marriage certificate and things like that. The lender should not be too hard about your relationship with the donor. But they will check the source of the gift fund and will require the donor to provide with his/her bank statement. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Jackie
Guest
0.10 Dollars($)
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Post subject: |
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| So we are doing a gift it has been done but now the bank is asking for a paper trail. The gift was given in form of a certified check for 7k from my fiancée father he can only show proof for 3k that he had in the bank. the other 4k he had home and can't show a papertrail. How would we go about doing this? Were stuck and don't know what to do. All help will be greatly appreciated. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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The lender will require a gift letter from the donor of the gift mentioning that he/she had gifted the amount to the concerned person. You can ask your fiancee's father to contact an attorney and check out if he/she can help him with some suggestions in this regard.
_________________
Good is the Enemy of Great. |
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Jackie
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0.10 Dollars($)
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Post subject: |
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| Thank you for the response. The attorney told us that she would not be able to answer. The gift letter was for a total value of 7k from his father but the underwriter needs a papertrail and he can only show proof for 3k because that is what he had in the bank. The other 4k were also from him but it was cash. How would we go about showing proof for the 4k? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Post subject: |
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Hi Jackie!
Welcome to forums!
In your earlier post, you have mentioned that the gift was given to you as a "certified check for 7k". In such a situation, the donor of the gift will be able to show the savings account details as a prove of the gift. The donor will not have to give a separate proof for the 4k.
Feel free to ask if you've further queries.
Sussane |
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