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Help ! Nervous after purchase and Sale.. seeking answers

Valued Member

Help ! Nervous after purchase and Sale.. seeking answers

Hello,

I am in the middle of buying a house, offer accepted, inspection went well, and purchase and sale due on 7/21/17.

A little problem, inexperienced me, 27, single mother, had 5k cash that I moved to my savings account back in May, theres no trace of the money, and I'm afraid they will question it as they usually ask for two months of statement...

I wish there was a way to provide just june and July to avoid the questioning... what to do?


Please help...
5 REPLIES
Moderator

Re: Help ! Nervous after purchase and Sale.. seeking answers

It isn't a problem to transfer from Savings to Checking. It is SOP. Just provide your savings statement and the bank statement showing the transfer. 

Valued Member

Re: Help ! Nervous after purchase and Sale.. seeking answers

It was cash money deposited into checking later moved to my savings. sorry if I didn't clarify that
Established Contributor

Re: Help ! Nervous after purchase and Sale.. seeking answers

Don't they exclude that amount from the funds available for purchase or no?
Moderator

Re: Help ! Nervous after purchase and Sale.. seeking answers

I didn't realize it was cash money. I thought it was funds already in savings that was transferred. Depending upon when the cash was deposited into the savings and then subsequently transferred it could be disallowed. That's the whole reason they ask for the bank statements is to see the timeline. 

 

Yes, Firemediii - the $5k will most likely be disallowed if the cash was deposited into savings and not seasoned for 60+ days.  This is something that the OP's LO will know. 

 

OP, talk with your LO. It is best to open up with them right away so you can take steps to do what you need to do if the funds are not counted in your closing funds. Or if they are, then you don't have to fret about it. Most good LO's really know what the u/w will accept or not. They want you to close. Remember, the LO is on your side. 

Valued Member

Re: Help ! Nervous after purchase and Sale.. seeking answers

Thank you so much! I really appreciate the help