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An acquaintance is putting an offer on a relatively cheap condo for use as a primary residence. He only has about 40% of the purchase price in cash and it would probably be hard to get a mortgage for the remainder since it's such a small value (under $30K). He wants to make an all cash offer (with the remaining 60% being a short term loan from a family member). He would then obtain a HEL against the property to repay the family member.

It's a bank-owned foreclosure and requires proof of funds with the offer. Do the funds need to be 'seasoned' or can he just deposit the money from the family member now and provide something from the bank for the offer? TIA.

-Steph
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It's a bank-owned foreclosure and requires proof of funds with the offer. Do the funds need to be 'seasoned' or can he just deposit the money from the family member now and provide something from the bank for the offer? TIA.
Just dump the dough in the account, pull a current balance statement & shove it over... should be fine.

Luck to him!
Dave Donhoff
Leverage Planner
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"Seasoned" money is something that mortgage lenders are concerned with. They don't want you to be setting up a liability someplace else besides with them. As far as the seller is concerned, they couldn't care less, as long as they get theirs.
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Hah! another of my questions answered...

Thanks Fool-ish people!

:)
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