Pre-closing Error: Large Bank Deposit Causing Delay
A couple buying a home deposited $8,000 in cash into their checking account 3 days before closing. Their father had given them money to buy new furniture and appliances for the house. Their mortgage company checked balances the day before, and it was “flagged,” as it required a "gift letter". The father had just gone out of town for a trip, and no one could reach him. This delayed the closing by 2 weeks. The mortgage company requires a "paper trail" for any deposits in a buyer's bank account. Sometimes a deposit of a mere $50 will be "flagged" by the bank. Remember to consult your lender before making any deposits that are out of the ordinary
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