The long and short of it is that you can't just take money from under a mattress and deposit it in a bank account today and then gift it to your children tomorrow, You would have to wait 30 or 60 days depending on the type of loan you are applying for.
NYguy, please call me if you would like to discuss your financing needs, and to have all your questions answered.
Private Mortgage Banker
Usually when you make an offer you do not have to state the location of your assets. Unless that is specifically requested by the homeowner. That usually comes into play when you are going to the bank to get your mortgage.
One thing to keep in mind is that the "gift" money you are getting needs to be seasoned. This means that it should have been sitting in a bank account or some other form of asset for three months. You must be able to show and prove that. You can't take cash from underneath someones mattress and use it, that will not work!
If the seller is requiring that you disclose the location of the assets, be honest. Tell them the money is being received as a gift from your parents, but also show them the bank statements showing the assets are available and as I stated "seasoned." Then you shouldn't have a problem.
Bear in mind that I am not an attorney and cannot give legal advice, you should also speak to an attorney to help you out with this. If I can be of further assistance please let me know. Good luck!
Mitchell S. Fieldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665