“The Cash Society”

    “The Cash Society”

 

 

 

Joe,

I do have another question for you. Is there any way we can utilize cash saved to purchase a home? In addition to what we have in the bank?

Thanks,

 Ashley

 

I am asked this question more times than you can imagine. Just know that cash cannot be used when it comes to the purchase of a home.

 

As I work with a client during the pre-qualification process, I always bring up cash. I advise clients to get these funds into their bank accounts if the intent is to use cash as part of a purchase.

 

If these funds are in an account for over 60 days and these dollars are not part of two bank statements, all should be good.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 6 commentsJoe Petrowsky • January 04 2019 01:55PM

Comments

Great question and answers in a blog.  Thanks for sharing this imps information.

Posted by Peter Mohylsky, SoWal Is HOME., Let me help you find your path to the beach. (Gulf Place @ 30A) 2 months ago

I don't know how difficult it is to deposit that cash in the bank and get a proof of funds and send it to your loan officer who will in turn verify the funds

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 2 months ago

I have seen issues before about cash and where did it come from

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 2 months ago

Good morning Joe. Not as big an issue today as it once was. The issue is seasoning. Years ago it was a huge problem! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 2 months ago

I think putting cash under the mattress is very questionable about the possible legality of it.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 2 months ago

I would put the cash in a high-yield savings account. Barclays online banking offers rates over 2%, much better than you would get at a typical bank.

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 2 months ago

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