I am a new investor. How will the bank verify that the seller is carrying the 25% down, they asked for?

In Buying Property - Asked by don k. - Sep 24, 2009
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Answer(s)

Tammy V.
Broker/Agent
Carlsbad, CA

If you and/or Seller are going through an Attorney and/or escrow, your Attorney or, escrow officer will draw up a note for the sellers carryback. Said note will include any terms agree upon by you & seller and both parties will acknowledge the note.

Sep 24, 2009
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Ron C.
Broker/Agent
Clearwater, FL

Times have changed alot, but in my experience the bank will verify the deposit on contract. the additional money can be cash, gift or even 2nd mtge by owner.
Don't worry about verification just make your deal

Sep 24, 2009
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Brian G.
Broker/Agent
Phoenix, AZ

If you are wondering how the bank would figure out that the owner is giving you the 25% down for the loan it will be because they are going to want to see the funds in your account before closing. The odds are you will not make it that far because you will need to show where your 25% down is on your application for the loan. The money for a down payment, on almost all loans, needs to be seasoned for 90 Days or more. This will depend if this is an investment or primary residence but it sounds like an investment.

Sep 29, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

Good answer from Brian...
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Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com

Oct 23, 2009
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