When You Are Under Contract to Buy…………..

Today something happened at the office I hope will not happen again…

One of our buyer’s lender informed us that the underwriter had checked her funds to close, and that her account was short some sum of money.

The loan officer advised the young buyer that she could obtain a gift from a relative.  Fortunately, her dad had funds and was willing to “gift” them to her.  What the buyer failed to pass on to the dad was that his “gift” funds had to be sourced.  What that means is that the underwriter needed proof of where the funds had come from.  They needed a copy of the giftor’s bank statement to show where the funds had come from.

Needless to say, the father was not willing to provide his bank statement.

 

Only a miracle could save this.

We talked to the loan officer, and I recommended he gently explain again to the buyer/daughter WHY this was needed.  After all the terrorist activity in our nation, the lending rules have changed.  For the stricter.  This applies to all loans sold on the secondary market.

Well, dad came through today and provided his bank statement.   The loan officer has given us a clear to close!  Thank you God!

And you wonder what we Realtors do all day?  LOL

We wear lots of hats and put out lots of fires.  But at the end of the day, we make homeownership happen!

Call your favorite agent at Advantage Real Estate in Moberly, MO.  We’d love to help you or a friend you refer to us!  660-263-3393

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