Cash and disclosure
December 31, 2013 8:06 AM Subscribe
When we found out we would be moving we had a yard sale. We did really well! But we need that money to go towards our closing costs/ required reserves on our new home. How do we explain a cash deposit of this nature to our lender? We can't very well track down every random stranger that came by to purchase something. We can write a letter explaining where the money came from, but would that be good enough?
posted by MayNicholas to Work & Money (20 answers total)
We haven't deposited the money yet. The lender wants to see that you have reserves after closing, and this certainly counts as part our reserves. Plus we want it in the bank in case there are added fees for closing that we didn't see coming and so we don't lose it.