Cash deposits

[jbee]

Hello guys,

I'm having a yard sale on today and tomorrow and wanted to know what I need to do when I deposit the cash into my account on Monday.  I've read on here that the underwriters are picky about cash deposits and I just wanted to make sure that I do it correctly.  Is there a limit that you have to go above, that sends a red flag?  I've already made almost $650 (I have big furniture items) this morning.

Any advice is appreciated.

Thanks

[Anonymous]

You will be required to write a letter explaining the deposits, and possibly more than that.  If you dont have to have the money for closing, I would just hold on to it.  Any deposit that can not be proven will cause you to have to run back and forth to the bank a million times -- trust me.  I just closed one week ago, and the underwriter asked about EVERY deposit that wasnt our payroll.  They will also question any check to you that isnt payroll --  Underwriters are very picky about "mattress money" as they call it;  our loan had very few conditions to close, but the money thing, the Underwriters are ALL over it.

[Anonymous]

Why not just use the cash for everyday, personal expenses, and leave the funds normally used for those things in your account(s)? Or, are you having the yard sale I've always dreamed of: highest prices for everything I've ever owned, and thousands in proceeds? lol

[clipperskipper]

As above, hang on to your cash or use a passbook account that nobody needs to see.

[jbee]

Thanks guys, I won't need the cash for closing so I will just use it for other things.