These are questions to ask your Realtor, find a good buyerâ€™s rep you trust and have a counseling session to learn how it all works.
But back to your questions, it depends on the circumstances. If you are going to use a mortgage in order to finance the purchase the lender must document the source of funds before you can use it at the closing. If the money is yours they will need a copy of the front and back of the cancelled check after it has been cashed by whoever holds the funds during the escrow period. If you canâ€™t produce proof the funds were yours or a copy of the cancelled check then it can be refunded to you at closing but you canâ€™t use the funds at that time. If the funds were not yours but a gift, a similar process must occur, just different documentation.
Good luck with your new home, have fun with the buying process.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
Yes, we are in the process of Short Selling the house. Any accepted offers from the Sellers are contingent upon Bank Approval and acceptance of purchase price. House will not go any type of Gov't loan. The roof needs replaced.... more