Friday I closed a mortgage loan for a Realtor buying a new personal home. He owns another home which he intends to sell in the near future and was able to qualify owning both homes. He had ample verified deposit accounts so cash to close was no issue and was roughly $45K.
When I got to the title company Friday afternoon he and the closer were sitting in the conference room waiting for me to explain something to him. He wanted to know why he had to have the cash to close now and couldn't he just wait until he sells the existing home and us cover it for him.
I explained that he had seen the loan estimate in the beginning with cash to close estimated, had seen and signed the closing disclosure 3 days prior to closing which verified cash to close. He said he didn't think that figure had to be funded up front.
This was not a rookie Realtor, but a very seasoned and pretty dang successful agent. I can check this off the "that will never happen" list.
When I got to the title company Friday afternoon he and the closer were sitting in the conference room waiting for me to explain something to him. He wanted to know why he had to have the cash to close now and couldn't he just wait until he sells the existing home and us cover it for him.
I explained that he had seen the loan estimate in the beginning with cash to close estimated, had seen and signed the closing disclosure 3 days prior to closing which verified cash to close. He said he didn't think that figure had to be funded up front.
This was not a rookie Realtor, but a very seasoned and pretty dang successful agent. I can check this off the "that will never happen" list.